Microchip Technology Incorporated (NASDAQ:MCHP) Position Reduced by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 133,287 shares of the semiconductor company’s stock after selling 1,091 shares during the period. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $10,702,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Microchip Technology in the 3rd quarter worth about $2,203,000. Princeton Capital Management LLC increased its position in Microchip Technology by 2.8% in the third quarter. Princeton Capital Management LLC now owns 28,518 shares of the semiconductor company’s stock worth $2,290,000 after buying an additional 786 shares during the period. Prospera Financial Services Inc lifted its stake in Microchip Technology by 21.3% in the third quarter. Prospera Financial Services Inc now owns 63,522 shares of the semiconductor company’s stock valued at $5,100,000 after buying an additional 11,161 shares during the last quarter. Quest Partners LLC boosted its holdings in shares of Microchip Technology by 463,300.0% during the third quarter. Quest Partners LLC now owns 4,634 shares of the semiconductor company’s stock valued at $372,000 after acquiring an additional 4,633 shares during the period. Finally, TrinityPoint Wealth LLC grew its position in shares of Microchip Technology by 6.6% during the third quarter. TrinityPoint Wealth LLC now owns 4,883 shares of the semiconductor company’s stock worth $392,000 after acquiring an additional 303 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.0 %

MCHP stock opened at $66.69 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. The firm has a market capitalization of $35.81 billion, a P/E ratio of 46.64 and a beta of 1.53. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The company’s 50 day simple moving average is $74.59 and its 200-day simple moving average is $83.24.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the business earned $1.54 EPS. The company’s revenue was down 48.4% on a year-over-year basis. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.73%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 127.27%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MCHP. JPMorgan Chase & Co. reduced their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Needham & Company LLC decreased their price target on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Citigroup cut their price objective on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, Susquehanna dropped their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $92.00.

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.