Gulf International Bank UK Ltd Boosts Stake in Microchip Technology Inc. (MCHP)

Gulf International Bank UK Ltd grew its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 0.7% in the second quarter, HoldingsChannel.com reports. The fund owned 73,979 shares of the semiconductor company’s stock after purchasing an additional 550 shares during the period. Gulf International Bank UK Ltd’s holdings in Microchip Technology were worth $6,728,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of MCHP. Alliancebernstein L.P. lifted its position in shares of Microchip Technology by 6.1% during the 4th quarter. Alliancebernstein L.P. now owns 460,192 shares of the semiconductor company’s stock valued at $40,442,000 after acquiring an additional 26,598 shares during the period. Caxton Associates LP lifted its position in shares of Microchip Technology by 115.2% during the 4th quarter. Caxton Associates LP now owns 10,973 shares of the semiconductor company’s stock valued at $964,000 after acquiring an additional 5,873 shares during the period. Wolverine Asset Management LLC lifted its position in shares of Microchip Technology by 12.0% during the 4th quarter. Wolverine Asset Management LLC now owns 25,164 shares of the semiconductor company’s stock valued at $2,211,000 after acquiring an additional 2,700 shares during the period. Guggenheim Capital LLC lifted its position in shares of Microchip Technology by 0.9% during the 4th quarter. Guggenheim Capital LLC now owns 959,000 shares of the semiconductor company’s stock valued at $84,276,000 after acquiring an additional 8,292 shares during the period. Finally, Robecosam AG lifted its position in shares of Microchip Technology by 61.8% during the 4th quarter. Robecosam AG now owns 178,000 shares of the semiconductor company’s stock valued at $15,773,000 after acquiring an additional 68,000 shares during the period.

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,308 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 22nd. The shares were sold at an average price of $93.55, for a total value of $215,913.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 4,696 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $93.55, for a total transaction of $439,310.80. Following the completion of the sale, the vice president now directly owns 19,711 shares of the company’s stock, valued at $1,843,964.05. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Several research analysts recently issued reports on MCHP shares. BidaskClub downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, April 18th. Morgan Stanley lifted their price objective on Microchip Technology from $96.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 9th. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, April 5th. ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $125.00 price objective on shares of Microchip Technology in a research report on Wednesday, June 6th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $112.85.

MCHP stock opened at $93.41 on Friday. The company has a market capitalization of $21.18 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 1.04 and a beta of 1.15. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.66 and a quick ratio of 1.43. Microchip Technology Inc. has a one year low of $77.21 and a one year high of $104.20.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, May 8th. The semiconductor company reported $1.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.13. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $984.80 million. Microchip Technology had a net margin of 6.41% and a return on equity of 38.62%. Microchip Technology’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.16 EPS. sell-side analysts expect that Microchip Technology Inc. will post 6.18 EPS for the current year.

Microchip Technology Company 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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