Symphony Financial Ltd. Co. purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,894 shares of the semiconductor company's stock, valued at approximately $520,000.
Several other institutional investors have also recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its holdings in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock valued at $163,886,000 after purchasing an additional 2,829,082 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Microchip Technology by 25.1% during the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company's stock worth $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Franklin Resources Inc. lifted its stake in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company's stock valued at $264,430,000 after buying an additional 776,408 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company's stock valued at $220,957,000 after buying an additional 460,697 shares in the last quarter. Finally, DF Dent & Co. Inc. purchased a new stake in Microchip Technology in the 3rd quarter valued at approximately $27,744,000. Institutional investors and hedge funds own 91.51% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group reduced their target price on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research note on Friday, January 10th. Mizuho dropped their price objective on Microchip Technology from $85.00 to $72.00 and set an "outperform" rating for the company in a report on Friday, January 10th. KeyCorp dropped their price objective on Microchip Technology from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday, January 14th. Evercore ISI restated an "outperform" rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Bank of America downgraded Microchip Technology from a "neutral" rating to an "underperform" rating and dropped their price objective for the stock from $80.00 to $65.00 in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $81.67.
Check Out Our Latest Report on Microchip Technology
Microchip Technology Stock Up 1.3 %
NASDAQ:MCHP traded up $0.67 on Wednesday, reaching $53.27. The stock had a trading volume of 7,477,285 shares, compared to its average volume of 8,397,712. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 12-month low of $51.37 and a 12-month high of $100.57. The company has a 50-day moving average of $58.62 and a 200 day moving average of $70.50. The stock has a market cap of $28.61 billion, a P/E ratio of 37.01 and a beta of 1.50.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology's quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.54 earnings per share. On average, research analysts predict that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.
Microchip Technology Company Profile
(
Free Report)
Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.
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