Chesley Taft & Associates LLC Has $1.02 Million Stake in Microchip Technology Inc. (MCHP)
Chesley Taft & Associates LLC cut its position in Microchip Technology Inc. (NASDAQ:MCHP) by 16.9% in the fourth quarter, HoldingsChannel reports. The firm owned 11,563 shares of the semiconductor company’s stock after selling 2,350 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Microchip Technology were worth $1,016,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Gillespie Robinson & Grimm Inc. purchased a new position in Microchip Technology during the fourth quarter valued at $202,000. DnB Asset Management AS grew its stake in Microchip Technology by 8.1% during the fourth quarter. DnB Asset Management AS now owns 25,246 shares of the semiconductor company’s stock valued at $2,219,000 after acquiring an additional 1,900 shares in the last quarter. Atlantic Trust Group LLC grew its stake in 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 valued at $124,014,000 after acquiring an additional 992,572 shares in the last quarter. Parametric Portfolio Associates LLC grew its stake in Microchip Technology by 11.3% during the third quarter. Parametric Portfolio Associates LLC now owns 943,194 shares of the semiconductor company’s stock valued at $84,680,000 after acquiring an additional 96,065 shares in the last quarter. Finally, Optimum Investment Advisors purchased a new position in Microchip Technology during the third quarter valued at $518,000.
Several research firms recently weighed in on MCHP. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 target price on shares of Microchip Technology in a research note on Wednesday, September 20th. Piper Jaffray Companies began coverage on shares of Microchip Technology in a research note on Monday, December 18th. They set an “overweight” rating and a $100.00 target price for the company. Needham & Company LLC raised their target price on shares of Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research note on Tuesday, November 7th. ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Saturday, September 30th. Finally, Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $103.00 target price for the company in a research note on Friday, January 5th. 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 currently has a consensus rating of “Buy” and an average price target of $101.24.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data 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 business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the business earned $0.94 earnings per share. Microchip Technology’s quarterly revenue was up 16.2% compared to the same quarter last year. equities research analysts forecast that Microchip Technology Inc. will post 5.12 EPS for the current fiscal year.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction 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 approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
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Microchip Technology 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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