National Bank of Canada FI Grows Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

National Bank of Canada FI raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 203.3% in the 4th quarter, Holdings Channel reports. The firm owned 753,829 shares of the semiconductor company’s stock after acquiring an additional 505,324 shares during the period. National Bank of Canada FI’s holdings in Microchip Technology were worth $65,252,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC grew its holdings in shares of Microchip Technology by 8.6% in the third quarter. Commonwealth Equity Services LLC now owns 135,845 shares of the semiconductor company’s stock worth $10,603,000 after purchasing an additional 10,702 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in Microchip Technology by 4.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock worth $3,057,000 after acquiring an additional 1,769 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Microchip Technology by 4.9% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 293,870 shares of the semiconductor company’s stock valued at $22,937,000 after purchasing an additional 13,714 shares during the period. Stratos Wealth Partners LTD. raised its holdings in shares of Microchip Technology by 7.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock valued at $453,000 after purchasing an additional 383 shares in the last quarter. Finally, Brown Advisory Inc. increased its holdings in Microchip Technology by 2.1% during the third quarter. Brown Advisory Inc. now owns 104,768 shares of the semiconductor company’s stock valued at $8,177,000 after buying an additional 2,201 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock traded up $1.90 during mid-day trading on Friday, hitting $91.36. The company had a trading volume of 6,983,068 shares, compared to its average volume of 5,300,839. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $49.37 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 2.79 and a beta of 1.60. The company’s fifty day moving average is $88.05 and its 200-day moving average is $85.13. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $94.63.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s revenue was down 18.6% on a year-over-year basis. During the same quarter last year, the business earned $1.48 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Insider Activity

In other news, CFO James Eric Bjornholt sold 1,970 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the sale, the chief financial officer now directly owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MCHP. Stifel Nicolaus upped their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday. TD Cowen lifted their target price on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Susquehanna reissued a “positive” rating and set a $100.00 price target on shares of Microchip Technology in a research report on Monday, April 8th. The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Finally, Evercore ISI started coverage on Microchip Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.