Chesley Taft & Associates LLC Trims Stock Holdings in Microchip Technology Inc. (NASDAQ:MCHP)

Chesley Taft & Associates LLC lowered its position in Microchip Technology Inc. (NASDAQ:MCHP) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,835 shares of the semiconductor company’s stock after selling 125 shares during the quarter. Chesley Taft & Associates LLC’s holdings in Microchip Technology were worth $593,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Clarfeld Financial Advisors LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth approximately $26,000. Osborn Williams & Donohoe LLC purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $31,000. Parkside Financial Bank & Trust raised its stake in shares of Microchip Technology by 65.3% during the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 171 shares during the last quarter. Gemmer Asset Management LLC raised its stake in shares of Microchip Technology by 186.5% during the first quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock worth $40,000 after purchasing an additional 317 shares during the last quarter. Finally, Zions Bancorporation N.A. purchased a new stake in shares of Microchip Technology during the first quarter worth approximately $43,000.

Microchip Technology stock opened at $99.84 on Thursday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.63. The firm has a market capitalization of $22.75 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $101.35. The firm has a fifty day moving average price of $87.89.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. Microchip Technology’s revenue was up 32.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.40 earnings per share. On average, equities research analysts anticipate that Microchip Technology Inc. will post 5.56 earnings per share for the current fiscal year.

Several equities research analysts have recently commented on MCHP shares. Longbow Research started coverage on Microchip Technology in a research note on Tuesday, July 9th. They set a “neutral” rating and a $87.93 price target for the company. Zacks Investment Research cut Farmland Partners from a “hold” rating to a “sell” rating in a research note on Friday, July 12th. BMO Capital Markets upped their price target on goeasy from C$55.00 to C$60.00 in a research note on Thursday, May 9th. Mizuho upped their price target on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. Finally, Rosenblatt Securities assumed coverage on FOX in a research note on Monday, May 6th. They set a “sell” rating and a $33.00 price target for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Microchip Technology currently has a consensus rating of “Buy” and a consensus target price of $102.89.

In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.21% of the stock is currently owned by corporate insiders.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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