Microchip Technology Inc. (NASDAQ:MCHP) Short Interest Up 5.1% in July
Microchip Technology Inc. (NASDAQ:MCHP) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 35,781,300 shares, an increase of 5.1% from the June 15th total of 34,058,800 shares. Based on an average daily trading volume, of 2,520,000 shares, the short-interest ratio is currently 14.2 days. Approximately 15.5% of the shares of the company are short sold.
Several brokerages have commented on MCHP. Zacks Investment Research downgraded Hallmark Financial Services from a “buy” rating to a “hold” rating in a research report on Thursday. Rosenblatt Securities began coverage on FOX in a research report on Monday, May 6th. They issued a “sell” rating and a $33.00 price target on the stock. Mizuho lifted their price target on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. Wells Fargo & Co lifted their price target on Zimmer Biomet from $143.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, B. Riley lifted their price target on Airgain from $19.00 to $22.00 and gave the stock a “buy” rating in a research report on Monday, May 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Microchip Technology currently has an average rating of “Buy” and an average price target of $103.89.
Shares of MCHP traded up $0.13 on Monday, reaching $98.24. 469,514 shares of the stock traded hands, compared to its average volume of 1,711,414. The firm has a market cap of $23.35 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 1.32 and a beta of 1.42. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $101.35. The stock’s 50-day moving average is $88.51.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.21% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in Microchip Technology by 13.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 958,265 shares of the semiconductor company’s stock valued at $68,924,000 after purchasing an additional 112,204 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in shares of Microchip Technology during the fourth quarter worth approximately $448,000. Nordea Investment Management AB increased its stake in Microchip Technology by 8.3% during the 4th quarter. Nordea Investment Management AB now owns 116,946 shares of the semiconductor company’s stock worth $8,414,000 after acquiring an additional 8,942 shares during the period. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Microchip Technology during the 4th quarter worth $336,000. Finally, Norges Bank bought a new position in Microchip Technology during the 4th quarter worth $155,541,000.
Microchip Technology Company Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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