PNC Financial Services Group Inc. Has $11.86 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

PNC Financial Services Group Inc. reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,527 shares of the semiconductor company’s stock after selling 7,391 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $11,861,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. raised its position in shares of Microchip Technology by 0.9% during the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after acquiring an additional 87,203 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Microchip Technology by 1.1% in the 3rd quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock valued at $587,046,000 after purchasing an additional 80,431 shares during the last quarter. Norges Bank acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $672,196,000. Van ECK Associates Corp raised its stake in shares of Microchip Technology by 16.0% during the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares during the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in Microchip Technology in the third quarter valued at approximately $225,800,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MCHP. The Goldman Sachs Group increased their price target on Microchip Technology from $77.00 to $88.00 and gave the company a “neutral” rating in a research note on Tuesday, May 7th. TD Cowen increased their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. B. Riley upped their target price on shares of Microchip Technology from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Microchip Technology in a report on Tuesday, January 30th. Finally, Stifel Nicolaus lifted their target price on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.39.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total transaction of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders sold 19,800 shares of company stock valued at $1,818,403 in the last quarter. 2.07% of the stock is currently owned by insiders.

Microchip Technology Price Performance

NASDAQ:MCHP opened at $99.49 on Thursday. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. The firm has a fifty day simple moving average of $89.81 and a 200 day simple moving average of $86.92. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $99.69. The stock has a market capitalization of $53.76 billion, a PE ratio of 28.67, a P/E/G ratio of 3.34 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the prior year, the firm earned $1.56 EPS. Microchip Technology’s quarterly revenue was down 40.6% compared to the same quarter last year. On average, research analysts expect that Microchip Technology Incorporated will post 2.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd will be paid a $0.452 dividend. This represents a $1.81 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Tuesday, May 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is 52.16%.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.