Microchip Technology Inc. (NASDAQ:MCHP) Short Interest Up 5.1% in July

Microchip Technology Inc. (NASDAQ:MCHP) was the recipient of a large growth in short interest in the month of July. As of July 15th, there was short interest totalling 35,781,300 shares, a growth of 5.1% from the June 15th total of 34,058,800 shares. Approximately 15.5% of the shares of the company are short sold. Based on an average trading volume of 2,520,000 shares, the short-interest ratio is presently 14.2 days.

NASDAQ MCHP traded down $1.39 on Tuesday, hitting $96.99. The stock had a trading volume of 1,869,848 shares, compared to its average volume of 2,709,702. Microchip Technology has a 52-week low of $60.70 and a 52-week high of $101.35. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $23.09 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42. The business has a 50-day moving average of $89.59.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The business’s quarterly revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the company posted $1.40 EPS. Equities research analysts expect that Microchip Technology will post 5.56 EPS for the current year.

Several research analysts recently commented on MCHP shares. Wells Fargo & Co raised their price objective on shares of Zimmer Biomet from $143.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday. Mizuho raised their price objective on shares of Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. B. Riley raised their price objective on shares of Airgain from $19.00 to $22.00 and gave the stock a “buy” rating in a report on Monday, May 6th. Longbow Research started coverage on shares of Microchip Technology in a report on Tuesday, July 9th. They issued a “neutral” rating and a $87.93 price objective for the company. Finally, Zacks Investment Research downgraded shares of Hallmark Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $103.89.

In other news, VP James Eric Bjornholt sold 2,188 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total transaction of $177,206.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.21% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of MCHP. City Holding Co. grew its holdings in shares of Microchip Technology by 1.9% during the 1st quarter. City Holding Co. now owns 43,610 shares of the semiconductor company’s stock valued at $3,618,000 after purchasing an additional 801 shares during the last quarter. Advisory Services Network LLC grew its holdings in shares of Microchip Technology by 42.8% during the 1st quarter. Advisory Services Network LLC now owns 3,068 shares of the semiconductor company’s stock valued at $254,000 after purchasing an additional 920 shares during the last quarter. Norway Savings Bank grew its holdings in shares of Microchip Technology by 22.3% during the 1st quarter. Norway Savings Bank now owns 17,150 shares of the semiconductor company’s stock valued at $1,423,000 after purchasing an additional 3,125 shares during the last quarter. Enlightenment Research LLC grew its holdings in shares of Microchip Technology by 316.7% during the 1st quarter. Enlightenment Research LLC now owns 2,500 shares of the semiconductor company’s stock valued at $207,000 after purchasing an additional 1,900 shares during the last quarter. Finally, Hallmark Capital Management Inc. grew its holdings in shares of Microchip Technology by 1.5% during the 1st quarter. Hallmark Capital Management Inc. now owns 206,641 shares of the semiconductor company’s stock valued at $17,143,000 after purchasing an additional 3,130 shares during the last quarter.

About Microchip Technology

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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