3,252 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by Essex Financial Services Inc.

Essex Financial Services Inc. acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,252 shares of the semiconductor company’s stock, valued at approximately $293,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Andina Capital Management LLC acquired a new stake in shares of Microchip Technology during the fourth quarter worth $276,000. Victory Capital Management Inc. boosted its holdings in Microchip Technology by 3.2% in the 4th quarter. Victory Capital Management Inc. now owns 646,085 shares of the semiconductor company’s stock valued at $58,264,000 after purchasing an additional 20,271 shares in the last quarter. Hexagon Capital Partners LLC increased its position in Microchip Technology by 39.2% during the 4th quarter. Hexagon Capital Partners LLC now owns 611 shares of the semiconductor company’s stock worth $55,000 after purchasing an additional 172 shares during the period. Gibraltar Capital Management Inc. purchased a new position in shares of Microchip Technology during the 4th quarter worth approximately $775,000. Finally, Certuity LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at approximately $367,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Stifel Nicolaus upped their price objective on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Thursday, January 18th. TD Cowen boosted their price target on Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research note on Friday, February 2nd. Evercore ISI started coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Finally, Susquehanna reiterated a “positive” rating and set a $100.00 target price on shares of Microchip Technology in a research report on Monday, April 8th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.75.

Microchip Technology Trading Up 2.1 %

NASDAQ MCHP opened at $91.36 on Friday. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.63. The company has a 50-day moving average of $87.88 and a 200-day moving average of $84.95. The company has a market cap of $49.37 billion, a P/E ratio of 21.35, a P/E/G ratio of 2.73 and a beta of 1.60. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58.

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

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.