5,620 Shares in Microchip Technology Incorporated $MCHP Acquired by Asahi Life Asset Management CO. LTD.

Asahi Life Asset Management CO. LTD. bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, Holdings Channel.com reports. The fund bought 5,620 shares of the semiconductor company’s stock, valued at approximately $395,000.

A number of other institutional investors have also made changes to their positions in the business. Mizuho Markets Cayman LP acquired a new stake in shares of Microchip Technology during the 2nd quarter worth $107,584,000. Argonautica Private Wealth Management Inc. acquired a new stake in shares of Microchip Technology during the 1st quarter worth $428,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Microchip Technology by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,266,402 shares of the semiconductor company’s stock worth $158,127,000 after purchasing an additional 122,633 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Microchip Technology by 18.2% during the 1st quarter. Victory Capital Management Inc. now owns 602,783 shares of the semiconductor company’s stock worth $29,181,000 after purchasing an additional 92,962 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of Microchip Technology by 0.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 16,630,574 shares of the semiconductor company’s stock worth $805,087,000 after purchasing an additional 152,434 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Trading Up 2.2%

Shares of MCHP stock opened at $60.80 on Thursday. The company has a market cap of $32.81 billion, a P/E ratio of -178.82, a PEG ratio of 1.79 and a beta of 1.55. The stock has a 50 day simple moving average of $64.54 and a two-hundred day simple moving average of $64.00. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.33 and a current ratio of 2.31. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $77.20.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.05 billion. Microchip Technology had a positive return on equity of 6.24% and a negative net margin of 3.50%.The firm’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. Research analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 7,356 shares of Microchip Technology stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $68.72, for a total value of $505,504.32. Following the completion of the sale, the chief financial officer directly owned 30,010 shares in the company, valued at approximately $2,062,287.20. The trade was a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Matthew W. Chapman sold 10,000 shares of Microchip Technology stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $68.25, for a total value of $682,500.00. Following the completion of the sale, the director owned 30,665 shares of the company’s stock, valued at approximately $2,092,886.25. The trade was a 24.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MCHP. The Goldman Sachs Group began coverage on Microchip Technology in a research report on Thursday, July 10th. They set a “buy” rating and a $88.00 price objective for the company. Zacks Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Stifel Nicolaus increased their target price on Microchip Technology from $70.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Raymond James Financial lifted their price target on Microchip Technology from $65.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Friday, August 8th. Finally, Susquehanna lifted their price target on Microchip Technology from $60.00 to $90.00 and gave the company a “positive” rating in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $75.95.

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.