Ceredex Value Advisors LLC Boosts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Ceredex Value Advisors LLC grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 540,400 shares of the semiconductor company’s stock after purchasing an additional 43,900 shares during the period. Ceredex Value Advisors LLC owned approximately 0.10% of Microchip Technology worth $43,389,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the 1st quarter worth about $39,000. Versant Capital Management Inc raised its stake in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after purchasing an additional 317 shares in the last quarter. Wolff Wiese Magana LLC lifted its position in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after purchasing an additional 218 shares during the last quarter. CarsonAllaria Wealth Management Ltd. purchased a new position in Microchip Technology in the 1st quarter worth approximately $54,000. Finally, TruNorth Capital Management LLC bought a new position in shares of Microchip Technology in the 2nd quarter worth $55,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of research reports. Piper Sandler upgraded Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price target for the company from $90.00 to $100.00 in a research report on Friday, August 16th. Needham & Company LLC dropped their target price on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Citigroup reduced their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Susquehanna lowered their price objective on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a report on Monday, October 21st. Finally, Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.89.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.10% of the stock is owned by company insiders.

Microchip Technology Trading Up 2.0 %

Shares of MCHP stock opened at $74.81 on Friday. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. The company has a market cap of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.52. Microchip Technology Incorporated has a 1 year low of $71.76 and a 1 year high of $100.57. The firm has a fifty day moving average price of $77.40 and a 200-day moving average price of $85.32.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.56 earnings per share. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.