Microchip Technology Incorporated (NASDAQ:MCHP) Stock Holdings Trimmed by Cullinan Associates Inc.

Cullinan Associates Inc. lowered its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,900 shares of the semiconductor company’s stock after selling 700 shares during the period. Cullinan Associates Inc.’s holdings in Microchip Technology were worth $625,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Prospera Private Wealth LLC bought a new stake in shares of Microchip Technology in the 3rd quarter worth $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Microchip Technology during the third quarter worth $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology during the third quarter worth $34,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the fourth quarter worth $32,000. Finally, Wolff Wiese Magana LLC raised its position in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCHP. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, December 13th. Morgan Stanley cut their target price on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Susquehanna cut their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Finally, Jefferies Financial Group lowered their price target on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $52.60 on Wednesday. The company has a market capitalization of $28.25 billion, a P/E ratio of 36.78 and a beta of 1.50. The business’s 50-day moving average price is $58.94 and its two-hundred day moving average price is $70.76. Microchip Technology Incorporated has a one year low of $51.37 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm’s revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.54 EPS. Analysts anticipate that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal 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.