DAVENPORT & Co LLC Has $5.36 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

DAVENPORT & Co LLC increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 93,382 shares of the semiconductor company’s stock after buying an additional 5,610 shares during the quarter. DAVENPORT & Co LLC’s holdings in Microchip Technology were worth $5,355,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MCHP. Assenagon Asset Management S.A. grew its position in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock valued at $599,239,000 after acquiring an additional 1,597,263 shares during the period. Franklin Resources Inc. boosted its stake in shares of Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock valued at $264,430,000 after purchasing an additional 776,408 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Microchip Technology by 20.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after purchasing an additional 460,697 shares in the last quarter. Finally, DF Dent & Co. Inc. acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $27,744,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Down 3.8 %

MCHP stock opened at $52.26 on Tuesday. The company has a market cap of $28.06 billion, a PE ratio of 36.55 and a beta of 1.50. The business has a 50-day simple moving average of $59.29 and a 200 day simple moving average of $71.03. Microchip Technology Incorporated has a 52 week low of $51.37 and a 52 week high of $100.57. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group dropped their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. KeyCorp decreased their price objective on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. TD Cowen decreased their price objective 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.

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.