Summit Global Investments Has $931,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Summit Global Investments trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,323 shares of the semiconductor company’s stock after selling 990 shares during the period. Summit Global Investments’ holdings in Microchip Technology were worth $931,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MCHP. Bleakley Financial Group LLC boosted its position in Microchip Technology by 1.3% during the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after purchasing an additional 119 shares during the last quarter. RFG Advisory LLC grew its stake in shares of Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after buying an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC grew its stake in shares of Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after buying an additional 125 shares in the last quarter. Merit Financial Group LLC increased its holdings in Microchip Technology by 1.9% during the third quarter. Merit Financial Group LLC now owns 7,096 shares of the semiconductor company’s stock worth $554,000 after buying an additional 134 shares during the last quarter. Finally, Financial Advocates Investment Management raised its position in Microchip Technology by 4.1% during the third quarter. Financial Advocates Investment Management now owns 3,607 shares of the semiconductor company’s stock worth $281,000 after acquiring an additional 142 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of analyst reports. Susquehanna reissued a “positive” rating and issued a $100.00 price objective on shares of Microchip Technology in a research report on Monday, April 8th. Wolfe Research raised Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday, January 18th. UBS Group cut their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, Evercore ISI initiated coverage on Microchip Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price target on the stock. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $92.75.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $1.90 on Friday, reaching $91.36. 6,983,068 shares of the company’s stock were exchanged, compared to its average volume of 5,300,839. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.63. The company has a fifty day moving average of $87.88 and a 200-day moving average of $84.95. The company has a market capitalization of $49.37 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 2.73 and a beta of 1.60. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.48 earnings per share. On average, research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.