Ceredex Value Advisors LLC Purchases 43,900 Shares of 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, Holdings Channel reports. The fund owned 540,400 shares of the semiconductor company’s stock after buying an additional 43,900 shares during the quarter. Ceredex Value Advisors LLC’s holdings in Microchip Technology were worth $43,389,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Financial Counselors Inc. boosted its stake in Microchip Technology by 1.1% during the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after buying an additional 119 shares during the period. SeaCrest Wealth Management LLC boosted its holdings in Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after acquiring an additional 131 shares during the period. Corundum Group Inc. lifted its position in shares of Microchip Technology by 3.4% during the third quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its stake in shares of Microchip Technology by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the period. Finally, Busey Bank grew its holdings in shares of Microchip Technology by 2.6% in the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after purchasing an additional 155 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on MCHP shares. Truist Financial cut shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price objective for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Susquehanna reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a report on Monday, October 21st. TD Cowen lowered their target price on Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a report on Friday, August 2nd. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, JPMorgan Chase & Co. lowered their price objective 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 analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average price target of $97.89.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’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 directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP opened at $74.81 on Friday. The company has a market capitalization of $40.14 billion, a P/E ratio of 29.92 and a beta of 1.52. The business’s 50-day moving average is $77.40 and its two-hundred day moving average is $85.32. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57.

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

Microchip Technology 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.