Cullinan Associates Inc. Sells 700 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Cullinan Associates Inc. lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 10,900 shares of the semiconductor company’s stock after selling 700 shares during the quarter. Cullinan Associates Inc.’s holdings in Microchip Technology were worth $625,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the 3rd quarter valued at approximately $29,000. Financial Life Planners acquired a new position in Microchip Technology in the 4th quarter valued at approximately $32,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the 3rd quarter valued at approximately $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology in the 3rd quarter valued at approximately $34,000. Finally, Wolff Wiese Magana LLC raised its holdings in Microchip Technology by 55.2% in the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after acquiring an additional 218 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of Microchip Technology in a report on Tuesday, December 3rd. Bank of America cut Microchip Technology from a “neutral” rating to an “underperform” rating and cut their price target for the company from $80.00 to $65.00 in a report on Monday, December 16th. Piper Sandler lowered their price objective on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, December 13th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.67.

Microchip Technology Stock Up 0.7 %

Shares of MCHP opened at $52.60 on Wednesday. The firm has a market capitalization of $28.25 billion, a price-to-earnings ratio of 36.78 and a beta of 1.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The business’s fifty day moving average price is $58.94 and its two-hundred day moving average price is $70.76. Microchip Technology Incorporated has a 52 week low of $51.37 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period last year, the company earned $1.54 EPS. On average, analysts predict that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Microchip Technology Profile

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.