M&T Bank Corp Sells 35,685 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

M&T Bank Corp decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 265,060 shares of the semiconductor company’s stock after selling 35,685 shares during the period. M&T Bank Corp’s holdings in Microchip Technology were worth $15,201,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology in the fourth quarter worth about $26,000. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology in the third quarter worth about $29,000. Financial Life Planners bought a new position in Microchip Technology during the fourth quarter valued at approximately $32,000. Peterson Financial Group Inc. bought a new position in Microchip Technology during the third quarter valued at approximately $34,000. Finally, Truvestments Capital LLC bought a new position in Microchip Technology during the third quarter valued at approximately $34,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MCHP. TD Cowen increased their price target on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday. Morgan Stanley dropped their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Mizuho increased their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group dropped their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.10% of the company’s stock.

Microchip Technology Trading Up 2.6 %

Shares of NASDAQ MCHP opened at $59.64 on Thursday. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The business’s 50 day moving average price is $56.95 and its 200-day moving average price is $66.99. Microchip Technology Incorporated has a fifty-two week low of $50.21 and a fifty-two week high of $100.57. The company has a market cap of $32.08 billion, a price-to-earnings ratio of 106.50 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, sell-side analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.05%. Microchip Technology’s payout ratio is 325.00%.

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.