Great West Life Assurance Co. Can Acquires 5,858 Shares of Microchip Technology Incorporated (MCHP)
Great West Life Assurance Co. Can boosted its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 213,235 shares of the company’s stock after buying an additional 5,858 shares during the period. Great West Life Assurance Co. Can’s holdings in Microchip Technology were worth $13,245,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Edmp Inc. purchased a new position in Microchip Technology during the third quarter valued at $203,000. Exane Derivatives bought a new position in shares of Microchip Technology during the third quarter worth approximately $8,119,000. HL Financial Services LLC bought a new position in shares of Microchip Technology during the third quarter worth approximately $208,000. Conning Inc. boosted its position in shares of Microchip Technology by 7.5% in the third quarter. Conning Inc. now owns 5,465 shares of the company’s stock worth $340,000 after buying an additional 380 shares during the last quarter. Finally, Wagner Bowman Management Corp bought a new position in shares of Microchip Technology during the third quarter worth approximately $250,000. Hedge funds and other institutional investors own 99.45% of the company’s stock.
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) opened at 66.34 on Friday. The stock’s 50 day moving average price is $64.64 and its 200-day moving average price is $60.02. The firm has a market capitalization of $14.33 billion, a price-to-earnings ratio of 288.43 and a beta of 1.05. Microchip Technology Incorporated has a 52 week low of $39.01 and a 52 week high of $66.81.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.07. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. The firm had revenue of $873.80 million for the quarter, compared to analysts’ expectations of $860.96 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The business’s revenue for the quarter was up 56.2% compared to the same quarter last year. Equities analysts predict that Microchip Technology Incorporated will post $3.62 earnings per share for the current year.
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A number of research analysts recently commented on the company. Zacks Investment Research cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Tuesday. Susquehanna assumed coverage on Microchip Technology in a research report on Tuesday, December 20th. They issued a “positive” rating and a $75.00 price target on the stock. Stifel Nicolaus raised their price target on Microchip Technology from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, November 30th. B. Riley restated a “buy” rating and issued a $78.00 price target on shares of Microchip Technology in a research report on Sunday, November 13th. Finally, Jefferies Group restated a “buy” rating and issued a $72.00 price target (up previously from $68.00) on shares of Microchip Technology in a research report on Thursday, November 10th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $66.60.
In related news, VP Richard J. Simoncic sold 2,892 shares of the business’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $64.90, for a total transaction of $187,690.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Sanghi sold 26,308 shares of the business’s stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $64.20, for a total value of $1,688,973.60. The disclosure for this sale can be found here. 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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