Iberiabank Corp Sells 330 Shares of Microchip Technology Inc. (NASDAQ:MCHP)

Iberiabank Corp lessened its stake in Microchip Technology Inc. (NASDAQ:MCHP) by 10.8% in the second quarter, HoldingsChannel reports. The fund owned 2,728 shares of the semiconductor company’s stock after selling 330 shares during the period. Iberiabank Corp’s holdings in Microchip Technology were worth $287,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quadrant Capital Group LLC grew its holdings in Microchip Technology by 14.9% in the 4th quarter. Quadrant Capital Group LLC now owns 2,330 shares of the semiconductor company’s stock worth $231,000 after acquiring an additional 303 shares during the last quarter. Guggenheim Capital LLC boosted its holdings in shares of Microchip Technology by 21.5% during the fourth quarter. Guggenheim Capital LLC now owns 109,673 shares of the semiconductor company’s stock worth $11,485,000 after purchasing an additional 19,439 shares during the period. Marshall Wace LLP bought a new stake in shares of Microchip Technology in the fourth quarter worth about $62,000. AQR Capital Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth about $2,042,000. Finally, State of Alaska Department of Revenue increased its holdings in Microchip Technology by 7.9% during the 1st quarter. State of Alaska Department of Revenue now owns 108,512 shares of the semiconductor company’s stock valued at $7,356,000 after purchasing an additional 7,961 shares during the period.

In related news, VP Richard J. Simoncic sold 3,958 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $86.92, for a total transaction of $344,029.36. Following the completion of the sale, the vice president now directly owns 19,213 shares in the company, valued at $1,669,993.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Ganesh Moorthy sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $106.72, for a total transaction of $1,280,640.00. The disclosure for this sale can be found here. Insiders have sold 26,336 shares of company stock worth $2,684,160 over the last ninety days. 2.15% of the stock is currently owned by insiders.

Shares of Microchip Technology stock opened at $101.73 on Friday. Microchip Technology Inc. has a 1 year low of $53.15 and a 1 year high of $113.28. The firm’s 50-day moving average is $103.59 and its 200 day moving average is $93.37. The stock has a market cap of $24.37 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 1.29 and a beta of 1.61. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.35 and a quick ratio of 0.94.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 7th. The semiconductor company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.11. Microchip Technology had a net margin of 10.82% and a return on equity of 23.63%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the company earned $1.48 earnings per share. The business’s revenue for the quarter was down .2% compared to the same quarter last year. On average, equities analysts expect that Microchip Technology Inc. will post 5.43 EPS for the current fiscal year.

A number of equities research analysts have recently weighed in on the company. Loop Capital started coverage on Microchip Technology in a research report on Friday, June 19th. They issued a “buy” rating and a $120.00 price objective on the stock. Morgan Stanley lifted their price target on shares of Microchip Technology from $81.00 to $109.00 and gave the company an “equal weight” rating in a report on Tuesday, June 16th. TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b” rating in a report on Wednesday, June 3rd. SunTrust Banks lifted their target price on shares of Microchip Technology from $94.00 to $117.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Finally, Piper Sandler reissued a “buy” rating and issued a $130.00 price target on shares of Microchip Technology in a research note on Monday, June 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and a consensus price target of $115.30.

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: CBOE Russell 2000® Volatility Index

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

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