Cigna Investments Inc. New Has $436,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Cigna Investments Inc. New lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,426 shares of the semiconductor company’s stock after selling 142 shares during the period. Cigna Investments Inc. New’s holdings in Microchip Technology were worth $436,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Swedbank AB acquired a new position in Microchip Technology in the 1st quarter valued at $1,079,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Microchip Technology by 12.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after purchasing an additional 93,464 shares during the last quarter. Pinnacle Associates Ltd. increased its stake in shares of Microchip Technology by 50.0% in the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after purchasing an additional 35,213 shares during the period. SageView Advisory Group LLC increased its stake in shares of Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after purchasing an additional 14,458 shares during the period. Finally, Janney Montgomery Scott LLC lifted its position in shares of Microchip Technology by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock worth $20,242,000 after purchasing an additional 13,304 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Price Performance

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 stock’s fifty day simple moving average is $77.40 and its 200 day simple moving average is $85.32. Microchip Technology Incorporated has a one year low of $71.76 and a one year high of $100.57. The firm has a market cap of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.52.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Needham & Company LLC reduced their price target on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $97.89.

Insider Buying and Selling at Microchip Technology

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

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.