Fenimore Asset Management Inc. raised its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 0.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 901,115 shares of the company’s stock after buying an additional 7,850 shares during the period. Microchip Technology accounts for approximately 2.7% of Fenimore Asset Management Inc.’s portfolio, making the stock its 11th largest position. Fenimore Asset Management Inc. owned about 0.42% of Microchip Technology worth $55,995,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MCHP. Gerstein Fisher increased its stake in shares of Microchip Technology by 0.5% in the second quarter. Gerstein Fisher now owns 11,636 shares of the company’s stock valued at $591,000 after buying an additional 58 shares in the last quarter. Whittier Trust Co. increased its stake in shares of Microchip Technology by 1.0% in the second quarter. Whittier Trust Co. now owns 7,148 shares of the company’s stock valued at $363,000 after buying an additional 73 shares in the last quarter. Capital Investment Advisors LLC increased its stake in shares of Microchip Technology by 1.1% in the second quarter. Capital Investment Advisors LLC now owns 7,745 shares of the company’s stock valued at $393,000 after buying an additional 81 shares in the last quarter. Torch Wealth Management LLC increased its stake in shares of Microchip Technology by 0.4% in the second quarter. Torch Wealth Management LLC now owns 25,550 shares of the company’s stock valued at $1,297,000 after buying an additional 100 shares in the last quarter. Finally, First Allied Advisory Services Inc. increased its stake in shares of Microchip Technology by 2.2% in the second quarter. First Allied Advisory Services Inc. now owns 6,473 shares of the company’s stock valued at $329,000 after buying an additional 138 shares in the last quarter.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

Microchip Technology Inc. (NASDAQ:MCHP) traded down 1.57% during midday trading on Wednesday, hitting $58.75. The stock had a trading volume of 1,977,594 shares. Microchip Technology Inc. has a 52 week low of $39.01 and a 52 week high of $63.11. The stock’s 50 day moving average price is $61.12 and its 200-day moving average price is $54.19. The company has a market cap of $12.65 billion, a PE ratio of 158.36 and a beta of 1.11.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, August 8th. The company reported $0.84 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.10. The business had revenue of $799.40 million for the quarter, compared to analysts’ expectations of $821.41 million. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. The firm’s revenue for the quarter was up 58.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Equities research analysts predict that Microchip Technology Inc. will post $3.41 earnings per share for the current year.

Several analysts have recently weighed in on the company. B. Riley restated a “buy” rating and set a $74.00 target price on shares of Microchip Technology in a research note on Sunday, August 14th. Citigroup Inc. lifted their price target on Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Credit Suisse Group AG reiterated a “buy” rating and issued a $67.00 price target on shares of Microchip Technology in a research note on Tuesday, August 9th. Needham & Company LLC lifted their price target on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Finally, JPMorgan Chase & Co. lifted their price target on Microchip Technology from $60.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $59.82.

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,461 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $60.95, for a total transaction of $149,997.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Sanghi sold 60,129 shares of the company’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $60.58, for a total transaction of $3,642,614.82. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

5 Day Chart for NASDAQ:MCHP

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