Opus Investment Management Inc. increased its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 14.8% during the second quarter, Holdings Channel reports. The institutional investor owned 77,400 shares of the company’s stock after buying an additional 10,000 shares during the period. Opus Investment Management Inc.’s holdings in Microchip Technology were worth $3,929,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Creative Planning boosted its stake in shares of Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock worth $156,000 after buying an additional 1,479 shares in the last quarter. Cape ANN Savings Bank acquired a new position in shares of Microchip Technology during the second quarter worth $207,000. Shelton Capital Management acquired a new position in shares of Microchip Technology during the second quarter worth $211,000. TradeLink Capital LLC acquired a new position in shares of Microchip Technology during the second quarter worth $213,000. Finally, Atria Investments LLC acquired a new position in shares of Microchip Technology during the second quarter worth $227,000.

 

Microchip Technology Inc. (NASDAQ:MCHP) traded down 0.61% during mid-day trading on Tuesday, reaching $60.18. 1,993,644 shares of the company traded hands. The stock has a market capitalization of $12.96 billion, a PE ratio of 162.21 and a beta of 1.11. The firm’s 50-day moving average is $60.50 and its 200 day moving average is $55.32. Microchip Technology Inc. has a 52-week low of $39.01 and a 52-week high of $63.11.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, August 8th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.10. The firm earned $799.40 million during the quarter, compared to the consensus estimate of $821.41 million. Microchip Technology had a net margin of 3.28% and a return on equity of 24.87%. The company’s revenue was up 58.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 EPS. On average, equities research analysts expect that Microchip Technology Inc. will post $3.41 earnings per share for the current year.

A number of brokerages recently weighed in on MCHP. Credit Suisse Group AG restated a “buy” rating and issued a $67.00 price objective on shares of Microchip Technology in a report on Tuesday, August 9th. Citigroup Inc. lifted their price objective on shares of Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Stifel Nicolaus lifted their price objective on shares of Microchip Technology from $60.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. JPMorgan Chase & Co. lifted their price objective on shares of Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, August 9th. Finally, B. Riley restated a “buy” rating and issued a $74.00 price objective on shares of Microchip Technology in a report on Sunday, August 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Microchip Technology presently has an average rating of “Buy” and a consensus target price of $59.82.

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,461 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total value of $149,997.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 4,454 shares of the stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total transaction of $271,471.30. Following the completion of the sale, the vice president now directly owns 13,622 shares of the company’s stock, valued at approximately $830,260.90. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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