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

PNC Financial Services Group Inc. reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 121,783 shares of the semiconductor company’s stock after selling 11,504 shares during the period. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $6,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC bought a new position in shares of Microchip Technology during the fourth quarter worth about $26,000. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology during the third quarter worth about $29,000. Financial Life Planners bought a new position in shares of Microchip Technology during the fourth quarter worth about $32,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology during the third quarter worth about $34,000. Finally, Truvestments Capital LLC bought a new position in shares of Microchip Technology during the third quarter worth about $34,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MCHP. Mizuho increased their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Stifel Nicolaus dropped their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Tuesday, December 3rd. Needham & Company LLC increased their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. B. Riley reiterated a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Morgan Stanley dropped their price objective on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.37.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP stock opened at $51.90 on Thursday. Microchip Technology Incorporated has a 1 year low of $50.21 and a 1 year high of $100.57. The firm’s 50 day moving average is $56.69 and its 200-day moving average is $66.07. The firm has a market capitalization of $27.91 billion, a price-to-earnings ratio of 92.68 and a beta of 1.52. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data 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 net margin of 6.49% and a return on equity of 12.62%. Sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.51%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Microchip Technology Company 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.