Ridgewood Investments LLC lifted its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 22.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,300 shares of the semiconductor company’s stock after acquiring an additional 800 shares during the period. Ridgewood Investments LLC’s holdings in Microchip Technology were worth $357,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the company. Clarfeld Financial Advisors LLC bought a new stake in Microchip Technology during the 4th quarter worth about $26,000. Oregon Public Employees Retirement Fund grew its holdings in shares of Microchip Technology by 7,043.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 1,815,732 shares in the last quarter. Morgan Dempsey Capital Management LLC acquired a new stake in Microchip Technology in the fourth quarter valued at about $28,000. Lindbrook Capital LLC bought a new position in Microchip Technology in the fourth quarter valued at about $32,000. Finally, Enlightenment Research LLC bought a new stake in Microchip Technology in the fourth quarter worth approximately $43,000.
A number of analysts recently issued reports on MCHP shares. BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. Morgan Stanley boosted their target price on Microchip Technology from $72.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 19th. Needham & Company LLC cut Microchip Technology from a “strong-buy” rating to a “buy” rating and reduced their target price for the stock from $100.00 to $90.00 in a research report on Thursday, January 24th. Cowen started coverage on Microchip Technology in a research report on Friday, February 22nd. They set a “market perform” rating and a $90.00 target price for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research report on Monday, February 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the stock. Microchip Technology has an average rating of “Buy” and a consensus target price of $102.17.
Shares of MCHP traded up $0.48 during midday trading on Monday, reaching $95.84. The stock had a trading volume of 1,555,995 shares, compared to its average volume of 2,643,280. Microchip Technology Inc. has a 12-month low of $60.70 and a 12-month high of $104.20. The company has a current ratio of 2.92, a quick ratio of 1.83 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $22.64 billion, a P/E ratio of 18.47, a PEG ratio of 1.14 and a beta of 1.23.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.21. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The firm had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the business earned $1.36 EPS. The company’s revenue for the quarter was up 42.5% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology Inc. will post 5.9 EPS for the current year.
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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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