Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Mechanics Financial Corp

Mechanics Financial Corp boosted its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 12.4% during the 4th quarter, Holdings Channel reports. The fund owned 5,350 shares of the semiconductor company’s stock after acquiring an additional 590 shares during the quarter. Mechanics Financial Corp’s holdings in Microchip Technology were worth $482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in MCHP. Mizuho Markets Americas LLC acquired a new position in Microchip Technology in the third quarter worth approximately $225,800,000. Truist Financial Corp grew its holdings in shares of Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock worth $163,678,000 after acquiring an additional 1,386,924 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of Microchip Technology by 122.1% during the third quarter. Qube Research & Technologies Ltd now owns 1,529,186 shares of the semiconductor company’s stock worth $119,353,000 after purchasing an additional 840,526 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its stake in Microchip Technology by 173.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,062,611 shares of the semiconductor company’s stock worth $82,937,000 after purchasing an additional 673,924 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MCHP. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday. TD Cowen increased their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Tuesday, January 30th. Truist Financial cut their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research report on Tuesday, January 9th. Finally, Susquehanna reissued a “positive” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Monday, April 8th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $0.34 during trading hours on Thursday, reaching $88.45. The stock had a trading volume of 1,326,624 shares, compared to its average volume of 5,540,842. The company has a market cap of $47.80 billion, a price-to-earnings ratio of 20.75, a PEG ratio of 2.81 and a beta of 1.60. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.63. The business’s fifty day moving average is $87.77 and its two-hundred day moving average is $84.92. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the business earned $1.48 earnings per share. The company’s quarterly revenue was down 18.6% on a year-over-year basis. As a group, research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.