QRG Capital Management Inc. Increases Stock Position in Microchip Technology Incorporated $MCHP

QRG Capital Management Inc. raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 11.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,923 shares of the semiconductor company’s stock after purchasing an additional 6,127 shares during the quarter. QRG Capital Management Inc.’s holdings in Microchip Technology were worth $3,946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in MCHP. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Microchip Technology by 25.7% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 11,048,057 shares of the semiconductor company’s stock valued at $709,506,000 after acquiring an additional 2,257,932 shares during the last quarter. Holocene Advisors LP lifted its stake in Microchip Technology by 77.0% during the third quarter. Holocene Advisors LP now owns 4,709,538 shares of the semiconductor company’s stock worth $302,447,000 after purchasing an additional 2,049,249 shares during the last quarter. Rafferty Asset Management LLC boosted its holdings in shares of Microchip Technology by 41.0% in the 2nd quarter. Rafferty Asset Management LLC now owns 6,203,762 shares of the semiconductor company’s stock worth $436,559,000 after purchasing an additional 1,803,945 shares in the last quarter. Bank of America Corp DE increased its position in shares of Microchip Technology by 18.8% during the 3rd quarter. Bank of America Corp DE now owns 11,419,944 shares of the semiconductor company’s stock valued at $733,389,000 after purchasing an additional 1,803,831 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Microchip Technology by 255.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company’s stock valued at $150,271,000 after purchasing an additional 1,534,829 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other Microchip Technology news, CEO Steve Sanghi sold 416,581 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $88.53, for a total value of $36,879,915.93. Following the completion of the sale, the chief executive officer owned 9,495,805 shares in the company, valued at approximately $840,663,616.65. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 526,552 shares of company stock worth $47,130,465. Corporate insiders own 1.94% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on MCHP. B. Riley Financial boosted their target price on Microchip Technology from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Barclays began coverage on shares of Microchip Technology in a research note on Thursday, February 12th. They set an “equal weight” rating and a $80.00 price target on the stock. Needham & Company LLC upped their price objective on shares of Microchip Technology from $77.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Piper Sandler lifted their target price on shares of Microchip Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Finally, Zacks Research lowered shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 24th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $86.00.

Microchip Technology Stock Up 4.5%

Shares of NASDAQ MCHP opened at $102.89 on Thursday. The firm’s fifty day moving average is $72.76 and its 200 day moving average is $68.94. Microchip Technology Incorporated has a 52 week low of $46.92 and a 52 week high of $103.24. The company has a quick ratio of 1.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.82. The company has a market cap of $55.68 billion, a price-to-earnings ratio of -354.79, a PEG ratio of 1.32 and a beta of 1.75.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 5th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. Microchip Technology had a negative net margin of 1.57% and a positive return on equity of 7.16%. The company’s revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 EPS. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.16 earnings per share for the current year.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.