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

Wesbanco Bank Inc. lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.3% in the first quarter, HoldingsChannel reports. The firm owned 36,002 shares of the semiconductor company’s stock after selling 861 shares during the quarter. Wesbanco Bank Inc.’s holdings in Microchip Technology were worth $1,743,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

A number of research firms recently issued reports on MCHP. Needham & Company LLC restated a “buy” rating and set a $66.00 price objective on shares of Microchip Technology in a research report on Friday, May 9th. Citigroup boosted their price target on Microchip Technology from $55.00 to $68.00 and gave the stock a “buy” rating in a research report on Monday. B. Riley boosted their price target on Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. Bank of America upgraded Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target for the company in a research report on Friday, May 9th. Finally, Wall Street Zen lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.37.

Insider Transactions at Microchip Technology

In other news, Director Karlton D. Johnson sold 494 shares of the business’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now directly owns 3,468 shares of the company’s stock, valued at $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction 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 sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $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 owned by insiders.

Microchip Technology Trading Up 4.3%

Shares of Microchip Technology stock opened at $68.05 on Tuesday. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market cap of $36.71 billion, a price-to-earnings ratio of 121.52 and a beta of 1.48. The business has a fifty day simple moving average of $50.33 and a 200-day simple moving average of $54.82. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98.

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

Microchip Technology Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

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.