Sentry Investment Management LLC Acquires Shares of 2,587 Microchip Technology Incorporated (NASDAQ:MCHP)

Sentry Investment Management LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the 3rd quarter, Holdings Channel reports. The fund acquired 2,587 shares of the semiconductor company’s stock, valued at approximately $208,000.

Other large investors also recently bought and sold shares of the company. Swedbank AB acquired a new position in Microchip Technology in the first quarter valued at $1,079,000. Pinnacle Associates Ltd. boosted its stake in shares of Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock worth $8,486,000 after buying an additional 35,213 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Microchip Technology by 12.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after buying an additional 93,464 shares during the period. SageView Advisory Group LLC boosted its stake in shares of Microchip Technology by 507.5% during the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after buying an additional 14,458 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Microchip Technology during the second quarter worth about $42,538,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.5 %

Shares of Microchip Technology stock opened at $74.47 on Tuesday. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The company has a 50-day moving average of $77.28 and a two-hundred day moving average of $85.25. Microchip Technology Incorporated has a 12-month low of $71.76 and a 12-month high of $100.57. The stock has a market cap of $39.95 billion, a PE ratio of 29.79 and a beta of 1.53.

Insider Transactions 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 transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Needham & Company LLC decreased their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Susquehanna decreased their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a research note on Monday, October 21st. StockNews.com raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $97.89.

Microchip Technology Company Profile

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.