Microchip Technology Incorporated (NASDAQ:MCHP) Stock Position Lowered by M&T Bank Corp

M&T Bank Corp lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 6.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 248,305 shares of the semiconductor company's stock after selling 16,755 shares during the period. M&T Bank Corp's holdings in Microchip Technology were worth $12,021,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MCHP. SBI Securities Co. Ltd. acquired a new stake in Microchip Technology during the fourth quarter valued at $51,000. Proficio Capital Partners LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth about $3,818,000. Larson Financial Group LLC lifted its position in shares of Microchip Technology by 14.6% during the 4th quarter. Larson Financial Group LLC now owns 3,366 shares of the semiconductor company's stock worth $193,000 after purchasing an additional 428 shares during the last quarter. OFI Invest Asset Management bought a new position in Microchip Technology during the fourth quarter valued at about $29,000. Finally, Independent Advisor Alliance increased its stake in Microchip Technology by 136.2% during the fourth quarter. Independent Advisor Alliance now owns 10,627 shares of the semiconductor company's stock valued at $609,000 after acquiring an additional 6,127 shares during the period. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Mizuho upped their price target on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday. B. Riley upped their price objective on Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Truist Financial increased their price target on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 target price for the company in a report on Friday, May 9th. Finally, Morgan Stanley raised their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Seven analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has an average rating of "Moderate Buy" and an average price target of $73.85.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director directly owned 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total transaction of $112,396.70. Following the transaction, the chief financial officer directly owned 34,313 shares in the company, valued at approximately $1,913,979.14. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by corporate insiders.

Microchip Technology Price Performance

MCHP stock opened at $74.56 on Wednesday. The firm has a market capitalization of $40.22 billion, a price-to-earnings ratio of -7,456.00, a PEG ratio of 2.13 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59. The firm has a 50 day moving average price of $62.67 and a 200-day moving average price of $55.99. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm's revenue was down 26.8% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's dividend payout ratio is -18,200.00%.

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.

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