Trading Report: The Retirement Systems of Alabama Raises Stake in Microchip Technology Inc. (MCHP)

The Retirement Systems of Alabama Raises Stake in Microchip Technology Inc. (MCHP)

Retirement Systems of Alabama increased its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 4.4% during the second quarter, Holdings Channel reports. The firm owned 109,519 shares of the company’s stock after buying an additional 4,651 shares during the period. Retirement Systems of Alabama’s holdings in Microchip Technology were worth $5,559,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bank of Montreal Can bought a new stake in Microchip Technology during the second quarter valued at $25,177,000. Pictet Asset Management Ltd. increased its stake in Microchip Technology by 156.3% in the first quarter. Pictet Asset Management Ltd. now owns 427,630 shares of the company’s stock valued at $19,025,000 after buying an additional 260,762 shares during the period. Parametric Risk Advisors LLC bought a new stake in Microchip Technology during the first quarter valued at $10,106,000. Moore Capital Management LP bought a new stake in Microchip Technology during the first quarter valued at $9,640,000. Finally, GaveKal Capital LLC bought a new stake in Microchip Technology during the second quarter valued at $8,777,000.

Microchip Technology Inc. (NASDAQ:MCHP) traded down 1.00% on Thursday, reaching $58.41. 2,022,806 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $61.05 and its 200 day moving average price is $54.23. Microchip Technology Inc. has a 1-year low of $39.01 and a 1-year high of $63.11. The firm has a market capitalization of $12.57 billion, a price-to-earnings ratio of 157.44 and a beta of 1.11.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.74 by $0.10. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. The company earned $799.40 million during the quarter, compared to analyst estimates of $821.41 million. During the same quarter in the prior year, the business earned $0.69 earnings per share. The business’s quarterly revenue was up 58.1% compared to the same quarter last year. On average, analysts expect that Microchip Technology Inc. will post $3.41 earnings per share for the current year.

MCHP has been the subject of several recent research reports. B. Riley reissued a “buy” rating and issued a $74.00 price target on shares of Microchip Technology in a research report on Tuesday, August 9th. Jefferies Group raised their price target on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Needham & Company LLC raised their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Mizuho initiated coverage on shares of Microchip Technology in a research report on Friday, September 30th. They issued a “neutral” rating and a $67.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $59.82.

In other news, CFO James Eric Bjornholt sold 2,461 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total value of $149,997.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Richard J. Simoncic sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $60.47, for a total transaction of $1,209,400.00. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

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.

Related posts

Leave a Comment