Covenant Asset Management LLC lifted its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 4.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,171 shares of the semiconductor company’s stock after purchasing an additional 675 shares during the period. Covenant Asset Management LLC’s holdings in Microchip Technology were worth $1,333,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MCHP. Janus Henderson Group PLC lifted its position in shares of Microchip Technology by 2,959.9% during the second quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock worth $623,093,000 after purchasing an additional 7,809,422 shares in the last quarter. Fred Alger Management Inc. raised its stake in shares of Microchip Technology by 80.9% during the second quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock worth $258,479,000 after buying an additional 1,497,699 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Microchip Technology by 4.6% during the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock worth $1,823,190,000 after buying an additional 1,042,622 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Microchip Technology by 75.5% during the second quarter. Ameriprise Financial Inc. now owns 2,403,141 shares of the semiconductor company’s stock worth $185,475,000 after buying an additional 1,033,992 shares during the last quarter. Finally, Atlantic Trust Group LLC raised its stake in shares of Microchip Technology by 255.3% during the third quarter. Atlantic Trust Group LLC now owns 1,381,312 shares of the semiconductor company’s stock worth $124,014,000 after buying an additional 992,572 shares during the last quarter.

In other Microchip Technology news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the sale, the vice president now owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

Shares of Microchip Technology Inc. (NASDAQ MCHP) traded up $1.16 during trading hours on Friday, reaching $92.11. 1,077,500 shares of the company’s stock traded hands, compared to its average volume of 1,708,425. Microchip Technology Inc. has a 1 year low of $64.68 and a 1 year high of $95.92. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The company has a market capitalization of $21,630.00, a P/E ratio of 36.84, a PEG ratio of 1.48 and a beta of 1.00.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.27 by $0.14. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The business’s quarterly revenue was up 16.2% on a year-over-year basis. equities analysts forecast that Microchip Technology Inc. will post 5.12 earnings per share for the current year.

MCHP has been the subject of a number of recent research reports. Stifel Nicolaus reissued a “buy” rating and set a $100.00 price target (up from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Needham & Company LLC reissued a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, September 19th. Argus initiated coverage on shares of Microchip Technology in a research note on Friday, October 6th. They set a “buy” rating and a $106.00 price target for the company. Jefferies Group reissued a “buy” rating and set a $106.00 price target on shares of Microchip Technology in a research note on Thursday, October 19th. Finally, B. Riley reissued a “buy” rating and set a $123.00 price target (up from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus price target of $101.24.

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Microchip Technology Company 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.

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

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