Argus Investors Counsel Inc. Sells 672 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Argus Investors Counsel Inc. trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.7% in the 4th quarter, Holdings Channel reports. The firm owned 24,170 shares of the semiconductor company’s stock after selling 672 shares during the quarter. Argus Investors Counsel Inc.’s holdings in Microchip Technology were worth $1,386,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the 3rd quarter worth $29,000. Financial Life Planners purchased a new position in shares of Microchip Technology during the fourth quarter valued at $32,000. Peterson Financial Group Inc. bought a new stake in shares of Microchip Technology in the third quarter valued at about $34,000. Truvestments Capital LLC purchased a new stake in Microchip Technology in the third quarter worth about $34,000. Finally, Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

Shares of MCHP opened at $53.50 on Thursday. The stock has a 50-day moving average of $58.62 and a two-hundred day moving average of $70.50. The stock has a market cap of $28.73 billion, a P/E ratio of 37.41 and a beta of 1.50. Microchip Technology Incorporated has a one year low of $51.37 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.54 EPS. As a group, research analysts predict that Microchip Technology Incorporated will post 1.31 EPS for the current year.

Wall Street Analyst Weigh In

MCHP has been the subject of several research reports. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Evercore ISI restated an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Mizuho dropped their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research report on Friday, January 10th. Finally, TD Cowen reduced their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $81.67.

Microchip Technology Company Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.