Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Wesbanco Bank Inc.

Wesbanco Bank Inc. trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 36,002 shares of the semiconductor company’s stock after selling 861 shares during the period. Wesbanco Bank Inc.’s holdings in Microchip Technology were worth $1,743,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MCHP. Norges Bank acquired a new stake in Microchip Technology in the 4th quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Microchip Technology by 273.2% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock worth $306,541,000 after buying an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp boosted its stake in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. boosted its stake in Microchip Technology by 90.0% in the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock worth $364,792,000 after buying an additional 3,013,162 shares during the last quarter. Finally, Meritage Group LP purchased a new position in shares of Microchip Technology in the 4th quarter worth about $145,033,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Citigroup lifted their price objective on Microchip Technology from $55.00 to $68.00 and gave the company a “buy” rating in a research note on Monday. Rosenblatt Securities lifted their price objective on Microchip Technology from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. UBS Group lifted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, May 30th. TD Cowen lifted their price objective on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, May 9th. Finally, Mizuho lifted their price objective on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $68.37.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $68.05 on Tuesday. The company has a market cap of $36.71 billion, a P/E ratio of 121.52 and a beta of 1.48. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $96.98. The business’s 50-day simple moving average is $50.33 and its 200 day simple moving average is $54.82.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.01. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. During the same period in the previous year, the business earned $0.57 EPS. Microchip Technology’s revenue for the quarter was down 26.8% compared to the same quarter last year. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.67%. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares of the company’s stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

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.