Legacy Capital Partners Inc. Trims Stake in Microchip Technology Inc. (NASDAQ:MCHP)

Legacy Capital Partners Inc. reduced its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 1.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,100 shares of the semiconductor company’s stock after selling 400 shares during the period. Microchip Technology makes up 1.4% of Legacy Capital Partners Inc.’s portfolio, making the stock its 22nd biggest holding. Legacy Capital Partners Inc.’s holdings in Microchip Technology were worth $3,168,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fenimore Asset Management Inc. grew its position in Microchip Technology by 2.1% in the third quarter. Fenimore Asset Management Inc. now owns 790,034 shares of the semiconductor company’s stock worth $73,402,000 after acquiring an additional 16,447 shares in the last quarter. Norway Savings Bank grew its position in Microchip Technology by 6.0% in the third quarter. Norway Savings Bank now owns 18,395 shares of the semiconductor company’s stock worth $1,709,000 after acquiring an additional 1,035 shares in the last quarter. Nippon Life Global Investors Americas Inc. purchased a new position in Microchip Technology in the third quarter worth $4,073,000. Independence Bank of Kentucky grew its position in Microchip Technology by 80.0% in the third quarter. Independence Bank of Kentucky now owns 585 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 260 shares in the last quarter. Finally, Strs Ohio grew its position in Microchip Technology by 5.2% in the third quarter. Strs Ohio now owns 18,782 shares of the semiconductor company’s stock worth $1,745,000 after acquiring an additional 935 shares in the last quarter.

In other news, CFO James Eric Bjornholt sold 1,937 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Richard J. Simoncic sold 3,437 shares of the company’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the transaction, the vice president now directly owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.

Microchip Technology stock traded down $0.50 during mid-day trading on Tuesday, hitting $97.28. The company’s stock had a trading volume of 44,817 shares, compared to its average volume of 1,822,711. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.93 and a quick ratio of 0.63. The stock has a market cap of $22.62 billion, a price-to-earnings ratio of 15.99, a price-to-earnings-growth ratio of 1.73 and a beta of 1.41. The business has a 50 day moving average price of $92.47 and a 200-day moving average price of $90.13. Microchip Technology Inc. has a 12 month low of $60.70 and a 12 month high of $101.35.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.25 by $0.16. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.61 earnings per share. On average, equities research analysts expect that Microchip Technology Inc. will post 5.24 earnings per share for the current fiscal year.

Several research analysts recently issued reports on the stock. Longbow Research assumed coverage on shares of Microchip Technology in a research report on Tuesday, July 9th. They issued a “neutral” rating and a $87.93 target price for the company. Piper Jaffray Companies set a $110.00 target price on shares of Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, August 7th. ValuEngine downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, October 7th. Cfra set a $100.00 price target on shares of Microchip Technology and gave the stock a “hold” rating in a research note on Saturday, September 7th. Finally, BidaskClub raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $100.62.

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.

Further Reading: Mutual Funds

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

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