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

PNC Financial Services Group Inc. reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 131,527 shares of the semiconductor company’s stock after selling 7,391 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $11,861,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in Microchip Technology by 0.9% in the 4th quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after buying an additional 87,203 shares during the period. Northern Trust Corp increased its stake in shares of Microchip Technology by 1.1% in the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock worth $587,046,000 after acquiring an additional 80,431 shares during the period. Norges Bank purchased a new position in shares of Microchip Technology during the fourth quarter worth $672,196,000. Van ECK Associates Corp lifted its position in Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock valued at $466,863,000 after purchasing an additional 714,376 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Microchip Technology by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock valued at $259,867,000 after purchasing an additional 51,249 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of recent research reports. Citigroup lifted their price objective on Microchip Technology from $100.00 to $104.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Stifel Nicolaus lifted their price target on Microchip Technology from $98.00 to $102.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. TD Cowen upped their price objective on Microchip Technology from $80.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, May 7th. The Goldman Sachs Group lifted their target price on shares of Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Finally, UBS Group increased their price target on shares of Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Transactions at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Stephen V. Drehobl sold 10,000 shares of Microchip Technology stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. Insiders sold 23,993 shares of company stock valued at $2,251,857 over the last quarter. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 2.7 %

MCHP stock opened at $93.45 on Wednesday. The company has a 50 day moving average price of $92.26 and a two-hundred day moving average price of $88.87. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a market capitalization of $50.17 billion, a P/E ratio of 26.93 and a beta of 1.55. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting the consensus estimate of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company’s revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.56 EPS. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were paid a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date of this dividend was Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.