Chevy Chase Trust Holdings Inc. lowered its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 4.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 194,423 shares of the semiconductor company’s stock after selling 9,017 shares during the quarter. Chevy Chase Trust Holdings Inc. owned 0.08% of Microchip Technology worth $15,342,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in MCHP. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $116,000. Psagot Investment House Ltd. acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $125,000. Canada Pension Plan Investment Board boosted its holdings in shares of Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after buying an additional 1,403 shares during the last quarter. Spirit of America Management Corp NY boosted its holdings in shares of Microchip Technology by 95.2% in the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after buying an additional 1,000 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $200,000.
Shares of Microchip Technology stock opened at $62.29 on Tuesday. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20. The firm has a market cap of $14.69 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 0.68 and a beta of 1.10. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80.
MCHP has been the subject of several recent analyst reports. Nomura cut their price objective on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 10th. Raymond James downgraded Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price objective for the company. in a report on Tuesday, September 25th. Morgan Stanley cut their price objective on Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating for the company in a report on Wednesday, October 10th. KeyCorp initiated coverage on Microchip Technology in a report on Tuesday, September 25th. They issued a “sector weight” rating for the company. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $115.00 to $95.00 in a report on Monday, September 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $110.00.
In other Microchip Technology news, COO Ganesh Moorthy purchased 12,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $84.10 per share, with a total value of $1,009,200.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 3,998 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the sale, the vice president now directly owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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