State of Michigan Retirement System Buys 7,875 Shares of Microchip Technology Inc. (NASDAQ:MCHP)

State of Michigan Retirement System lifted its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 14.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 62,647 shares of the semiconductor company’s stock after buying an additional 7,875 shares during the quarter. State of Michigan Retirement System’s holdings in Microchip Technology were worth $6,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in MCHP. Sugarloaf Wealth Management LLC purchased a new position in Microchip Technology during the 1st quarter valued at about $25,000. Jacobi Capital Management LLC boosted its position in shares of Microchip Technology by 18,027.4% in the 2nd quarter. Jacobi Capital Management LLC now owns 47,675 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 47,412 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in Microchip Technology during the 1st quarter valued at approximately $32,000. Watson Rebecca purchased a new position in Microchip Technology during the second quarter valued at $32,000. Finally, Allred Capital Management LLC grew its stake in shares of Microchip Technology by 42.0% in the first quarter. Allred Capital Management LLC now owns 487 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 144 shares during the last quarter.

Shares of NASDAQ:MCHP opened at $101.73 on Friday. The firm has a fifty day simple moving average of $103.59 and a two-hundred day simple moving average of $93.37. Microchip Technology Inc. has a 52 week low of $53.15 and a 52 week high of $113.28. The company has a quick ratio of 0.94, a current ratio of 1.35 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $24.37 billion, a P/E ratio of 20.22, a PEG ratio of 1.29 and a beta of 1.61.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $1.46 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter last year, the firm earned $1.48 EPS. The firm’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts expect that Microchip Technology Inc. will post 5.43 earnings per share for the current year.

Several equities research analysts recently weighed in on MCHP shares. SunTrust Banks raised their price target on shares of Microchip Technology from $94.00 to $117.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Argus upped their price objective on Microchip Technology from $100.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Cfra reduced their target price on shares of Microchip Technology from $110.00 to $95.00 and set a “hold” rating for the company in a report on Friday, May 8th. Morgan Stanley upped their price target on Microchip Technology from $81.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 16th. Finally, B. Riley upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and upped their price target for the stock from $85.00 to $125.00 in a research report on Wednesday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and an average target price of $115.30.

In related news, VP Mitchell R. Little sold 3,122 shares of Microchip Technology stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $112.70, for a total transaction of $351,849.40. Following the completion of the transaction, the vice president now directly owns 7,478 shares of the company’s stock, valued at approximately $842,770.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,756 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $86.92, for a total transaction of $239,551.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,336 shares of company stock valued at $2,684,160. Company insiders own 2.15% of the company’s stock.

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

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