Argus Investors Counsel Inc. Reduces Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Argus Investors Counsel Inc. lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,170 shares of the semiconductor company’s stock after selling 672 shares during the quarter. Argus Investors Counsel Inc.’s holdings in Microchip Technology were worth $1,386,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Prospera Private Wealth LLC bought a new stake in Microchip Technology during the third quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the 3rd quarter worth $34,000. Truvestments Capital LLC bought a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Financial Life Planners purchased a new stake in shares of Microchip Technology in the 4th quarter worth $32,000. Finally, Wolff Wiese Magana LLC raised its holdings in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.7 %

Shares of NASDAQ MCHP opened at $53.50 on Thursday. The firm’s 50-day moving average price is $58.62 and its 200-day moving average price is $70.50. Microchip Technology Incorporated has a 12-month low of $51.37 and a 12-month high of $100.57. The stock has a market capitalization of $28.73 billion, a price-to-earnings ratio of 37.41 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted $1.54 earnings per share. The business’s revenue for the quarter was down 48.4% on a year-over-year basis. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on MCHP shares. Morgan Stanley cut their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday. B. Riley reduced their target price on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a report on Friday, January 24th. TD Cowen lowered their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Mizuho reduced their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research note on Friday, January 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of Microchip Technology in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.67.

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.