North American Management Corp cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.9% during the second quarter, Holdings Channel reports. The fund owned 64,151 shares of the semiconductor company’s stock after selling 578 shares during the period. North American Management Corp’s holdings in Microchip Technology were worth $4,951,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Keel Point LLC increased its position in shares of Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock valued at $264,000 after buying an additional 11 shares during the last quarter. Mission Wealth Management LLC increased its position in shares of Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock worth $267,000 after buying an additional 26 shares during the last quarter. Cleararc Capital Inc. increased its position in shares of Microchip Technology by 0.8% in the first quarter. Cleararc Capital Inc. now owns 5,295 shares of the semiconductor company’s stock worth $391,000 after buying an additional 43 shares during the last quarter. Advantus Capital Management Inc increased its position in shares of Microchip Technology by 0.3% in the first quarter. Advantus Capital Management Inc now owns 21,665 shares of the semiconductor company’s stock worth $1,598,000 after buying an additional 70 shares during the last quarter. Finally, Honkamp Krueger Financial Services Inc. increased its position in shares of Microchip Technology by 0.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 10,591 shares of the semiconductor company’s stock worth $781,000 after buying an additional 99 shares during the last quarter.

Microchip Technology Incorporated (NASDAQ:MCHP) traded up 0.24% during midday trading on Monday, hitting $81.03. 1,452,286 shares of the stock traded hands. The stock has a market cap of $18.59 billion, a PE ratio of 114.94 and a beta of 1.06. The company has a 50-day moving average of $81.67 and a 200-day moving average of $73.61. Microchip Technology Incorporated has a 12 month low of $53.33 and a 12 month high of $87.49.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.10. The business had revenue of $902.70 million during the quarter, compared to analysts’ expectations of $891.14 million. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The business’s revenue was up 61.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 earnings per share. On average, equities research analysts anticipate that Microchip Technology Incorporated will post $4.96 earnings per share for the current year.

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MCHP has been the topic of a number of research analyst reports. ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Stifel Nicolaus boosted their price objective on shares of Microchip Technology from $77.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, April 7th. Jefferies Group LLC reissued a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Summit Redstone raised shares of Microchip Technology from a “hold” rating to a “buy” rating and boosted their price objective for the company from $65.00 to $82.00 in a research report on Tuesday, April 4th. Finally, Needham & Company LLC reissued a “strong-buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research report on Wednesday, May 10th. Six investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and an average price target of $85.25.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

About Microchip Technology

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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