Microchip Technology Inc. (MCHP) Position Raised by Sheets Smith Wealth Management

Sheets Smith Wealth Management grew its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,800 shares of the semiconductor company’s stock after acquiring an additional 1,000 shares during the period. Microchip Technology comprises approximately 0.9% of Sheets Smith Wealth Management’s holdings, making the stock its 25th biggest position. Sheets Smith Wealth Management’s holdings in Microchip Technology were worth $3,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. State of Alaska Department of Revenue grew its holdings in Microchip Technology by 1.7% during the 4th quarter. State of Alaska Department of Revenue now owns 38,074 shares of the semiconductor company’s stock worth $2,737,000 after acquiring an additional 636 shares in the last quarter. Webster Bank N. A. boosted its holdings in shares of Microchip Technology by 19.3% in the 4th quarter. Webster Bank N. A. now owns 864 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 140 shares during the period. Legacy Capital Partners Inc. boosted its holdings in shares of Microchip Technology by 2.6% in the 4th quarter. Legacy Capital Partners Inc. now owns 35,930 shares of the semiconductor company’s stock valued at $2,584,000 after buying an additional 900 shares during the period. Avitas Wealth Management LLC boosted its holdings in shares of Microchip Technology by 8.9% in the 3rd quarter. Avitas Wealth Management LLC now owns 10,985 shares of the semiconductor company’s stock valued at $867,000 after buying an additional 902 shares during the period. Finally, Vanguard Group Inc boosted its holdings in shares of Microchip Technology by 0.9% in the 3rd quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock valued at $2,070,312,000 after buying an additional 237,329 shares during the period.

Several research analysts have recently commented on MCHP shares. Cfra reaffirmed a “buy” rating and issued a $110.00 price target on shares of Microchip Technology in a report on Wednesday, September 19th. Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a report on Friday, October 5th. Needham & Company LLC reaffirmed a “buy” rating on shares of Microchip Technology in a report on Thursday, November 8th. Piper Jaffray Companies set a $130.00 price target on shares of Microchip Technology and gave the company a “buy” rating in a report on Thursday, November 8th. Finally, B. Riley decreased their price target on shares of Microchip Technology from $105.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and an average price target of $104.42.



Shares of MCHP stock traded up $1.25 during midday trading on Friday, reaching $77.87. 161,579 shares of the company were exchanged, compared to its average volume of 2,823,864. Microchip Technology Inc. has a 12 month low of $60.70 and a 12 month high of $104.20. The company has a market capitalization of $17.94 billion, a price-to-earnings ratio of 15.06, a price-to-earnings-growth ratio of 0.94 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.64 and a debt-to-equity ratio of 1.85.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Wednesday, November 7th. The semiconductor company reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.03. Microchip Technology had a net margin of 0.59% and a return on equity of 35.00%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the firm earned $1.41 EPS. Microchip Technology’s revenue was up 49.5% on a year-over-year basis. On average, equities research analysts predict that Microchip Technology Inc. will post 5.98 earnings per share for the current year.

In other news, CFO James Eric Bjornholt sold 1,866 shares of Microchip Technology stock in a transaction that occurred on Friday, November 23rd. The shares were sold at an average price of $72.06, for a total value of $134,463.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 4,271 shares of Microchip Technology stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $72.06, for a total transaction of $307,768.26. Following the completion of the transaction, the vice president now directly owns 17,173 shares in the company, valued at approximately $1,237,486.38. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

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

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