Summit Financial LLC Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Summit Financial LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,516 shares of the semiconductor company’s stock, valued at approximately $227,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the third quarter valued at about $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new stake in Microchip Technology during the 4th quarter worth approximately $27,000. Fortitude Family Office LLC purchased a new stake in Microchip Technology in the 4th quarter worth approximately $29,000. Finally, Milestone Investment Advisors LLC bought a new position in Microchip Technology in the 3rd quarter valued at $36,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MCHP shares. UBS Group lowered their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Susquehanna reiterated a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Monday, April 8th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Tuesday, January 30th. Finally, TD Cowen raised their price objective on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research report on Friday, February 2nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $92.75.

Microchip Technology Trading Up 2.1 %

Shares of Microchip Technology stock opened at $91.36 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The stock has a market capitalization of $49.37 billion, a PE ratio of 21.35, a P/E/G ratio of 2.73 and a beta of 1.60. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.63. The company’s fifty day simple moving average is $87.88 and its 200-day simple moving average is $84.95.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm posted $1.48 EPS. Microchip Technology’s quarterly revenue was down 18.6% compared to the same quarter last year. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.