2,556 Shares in Microchip Technology Incorporated (MCHP) Purchased by Park National Corp OH
Park National Corp OH purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,556 shares of the semiconductor company’s stock, valued at approximately $229,000.
Other hedge funds have also made changes to their positions in the company. Grove Bank & Trust lifted its stake in shares of Microchip Technology by 15.8% during the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Trust Co. of Vermont lifted its stake in Microchip Technology by 9.2% in the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after purchasing an additional 136 shares in the last quarter. Smithfield Trust Co. lifted its stake in Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after purchasing an additional 7 shares in the last quarter. Commonwealth Bank of Australia lifted its stake in Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock worth $163,000 after purchasing an additional 29 shares in the last quarter. Finally, Harbour Capital Advisors LLC purchased a new stake in Microchip Technology in the 1st quarter worth approximately $173,000.
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) traded down 0.79% during midday trading on Wednesday, reaching $90.98. 619,275 shares of the company’s stock were exchanged. The stock has a market cap of $21.17 billion, a PE ratio of 49.02 and a beta of 1.07. The stock’s 50 day moving average is $88.98 and its 200-day moving average is $81.87. Microchip Technology Incorporated has a 12-month low of $58.42 and a 12-month high of $92.51.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The business had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter in the previous year, the business posted $0.84 earnings per share. The business’s revenue was up 21.6% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Incorporated will post $5.28 EPS for the current year.
In other Microchip Technology news, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total transaction of $109,135.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $251,893.64. Following the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. Insiders have sold 6,829 shares of company stock worth $561,905 in the last quarter. Company insiders own 2.13% of the company’s stock.
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Several analysts have issued reports on MCHP shares. Needham & Company LLC reiterated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Friday, September 8th. B. Riley reiterated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Wednesday, August 9th. Jefferies Group LLC reiterated a “buy” rating on shares of Microchip Technology in a research note on Monday, July 10th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, Credit Suisse Group reiterated a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Microchip Technology has an average rating of “Buy” and a consensus target price of $90.88.
Microchip Technology Profile
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.
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