PNC Financial Services Group Inc. Raises Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

PNC Financial Services Group Inc. increased its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 9.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,697 shares of the semiconductor company's stock after buying an additional 10,914 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Microchip Technology were worth $6,424,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MCHP. Garde Capital Inc. purchased a new position in shares of Microchip Technology in the first quarter worth $30,000. Orion Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter valued at $41,000. Byrne Asset Management LLC bought a new stake in Microchip Technology in the first quarter valued at $41,000. GW&K Investment Management LLC boosted its holdings in Microchip Technology by 161.0% in the first quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after acquiring an additional 578 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Microchip Technology by 399.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 647 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the transaction, the chief financial officer owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 1.94% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on MCHP shares. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a report on Friday, July 18th. Susquehanna lifted their price target on shares of Microchip Technology from $60.00 to $90.00 and gave the company a "positive" rating in a report on Tuesday, July 22nd. Raymond James Financial lifted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Citigroup lifted their price target on shares of Microchip Technology from $68.00 to $90.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, TD Cowen boosted their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.42.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $66.17 on Thursday. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $82.87. The business has a 50-day simple moving average of $69.22 and a two-hundred day simple moving average of $57.96. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The firm has a market cap of $35.71 billion, a price-to-earnings ratio of -6,617.00, a price-to-earnings-growth ratio of 1.94 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the previous year, the firm earned $0.57 EPS. Microchip Technology's revenue was down 26.8% on a year-over-year basis. On average, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

About Microchip Technology

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.

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