RNC Capital Management LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 3.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 427,000 shares of the semiconductor company’s stock after acquiring an additional 13,083 shares during the quarter. Microchip Technology comprises about 2.6% of RNC Capital Management LLC’s investment portfolio, making the stock its 17th largest position. RNC Capital Management LLC owned approximately 0.18% of Microchip Technology worth $32,956,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MCHP. Vanguard Group Inc. increased its holdings in Microchip Technology by 4.6% in the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock valued at $1,823,190,000 after purchasing an additional 1,042,622 shares during the last quarter. State Street Corp increased its holdings in Microchip Technology by 0.7% in the second quarter. State Street Corp now owns 8,948,443 shares of the semiconductor company’s stock valued at $690,652,000 after purchasing an additional 58,577 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Microchip Technology by 2,959.9% in the second quarter. Janus Henderson Group PLC now owns 8,073,264 shares of the semiconductor company’s stock valued at $623,093,000 after purchasing an additional 7,809,422 shares during the last quarter. Janus Capital Management LLC increased its holdings in Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock valued at $526,103,000 after purchasing an additional 666,436 shares during the last quarter. Finally, Waddell & Reed Financial Inc. increased its holdings in Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock valued at $464,095,000 after purchasing an additional 641,548 shares during the last quarter.

A number of research firms recently commented on MCHP. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Thursday. Argus began coverage on Microchip Technology in a report on Friday, October 6th. They issued a “buy” rating and a $106.00 price objective for the company. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 4th. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 price objective on shares of Microchip Technology in a report on Thursday, September 28th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $90.88.

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Microchip Technology Incorporated (MCHP) traded down 0.02% on Friday, hitting $91.76. The company had a trading volume of 1,053,119 shares. The stock’s 50-day moving average price is $88.98 and its 200 day moving average price is $81.82. The company has a market capitalization of $21.36 billion, a P/E ratio of 49.44 and a beta of 1.07. Microchip Technology Incorporated has a one year low of $58.42 and a one year high of $92.51.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. The company had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm’s revenue was up 21.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. On average, analysts expect that Microchip Technology Incorporated will post $5.28 EPS for the current fiscal year.

In related news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wade F. Meyercord sold 1,300 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock worth $561,905 over the last three months. 2.13% of the stock is owned by company 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.

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

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