The Microchip Technology Inc. (MCHP) Position Increased by Fenimore Asset Management Inc.

The Microchip Technology Inc. (MCHP) Position Increased by Fenimore Asset Management Inc.

Fenimore Asset Management Inc. boosted its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 0.9% during the third quarter, Holdings Channel reports. The institutional investor owned 901,115 shares of the company’s stock after buying an additional 7,850 shares during the period. Microchip Technology comprises approximately 2.7% of Fenimore Asset Management Inc.’s portfolio, making the stock its 11th largest position. Fenimore Asset Management Inc.’s holdings in Microchip Technology were worth $55,995,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of MCHP. Liberty Capital Management Inc. purchased a new stake in shares of Microchip Technology during the third quarter valued at $136,000. Mizuho Asset Management Co. Ltd. boosted its stake in shares of Microchip Technology by 118.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,734 shares of the company’s stock valued at $139,000 after buying an additional 1,484 shares in the last quarter. Creative Planning boosted its stake in shares of Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock valued at $156,000 after buying an additional 1,479 shares in the last quarter. FineMark National Bank & Trust boosted its stake in shares of Microchip Technology by 42.4% in the second quarter. FineMark National Bank & Trust now owns 3,156 shares of the company’s stock valued at $160,000 after buying an additional 940 shares in the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Microchip Technology by 67.8% in the first quarter. IFP Advisors Inc now owns 3,422 shares of the company’s stock valued at $165,000 after buying an additional 1,383 shares in the last quarter.

Shares of Microchip Technology Inc. (NASDAQ:MCHP) traded down 1.57% during midday trading on Wednesday, hitting $58.75. 1,977,594 shares of the stock traded hands. The stock has a market capitalization of $12.65 billion, a P/E ratio of 158.36 and a beta of 1.11. The firm has a 50-day moving average price of $61.12 and a 200-day moving average price of $54.19. Microchip Technology Inc. has a 52 week low of $39.01 and a 52 week high of $63.11.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. The company had revenue of $799.40 million for the quarter, compared to analyst estimates 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 was up 58.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.69 EPS. On average, equities analysts predict that Microchip Technology Inc. will post $3.41 earnings per share for the current fiscal year.

Several analysts have recently commented on MCHP shares. Jefferies Group increased their price target on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Citigroup Inc. increased their price target on shares of Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Credit Suisse Group AG reissued a “buy” rating and set a $67.00 price target on shares of Microchip Technology in a research note on Tuesday, August 9th. Needham & Company LLC increased their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Finally, B. Riley reissued a “buy” rating and set a $74.00 price target on shares of Microchip Technology in a research note on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $59.82.

In related news, VP Mitchell R. Little sold 5,000 shares of Microchip Technology stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $60.48, for a total transaction of $302,400.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,461 shares of Microchip Technology stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total transaction of $149,997.95. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

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.

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