PNC Financial Services Group Inc. Lowers Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

PNC Financial Services Group Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,783 shares of the semiconductor company’s stock after selling 11,504 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Microchip Technology were worth $6,984,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of MCHP. Mainstream Capital Management LLC purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $26,000. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology during the 4th quarter worth approximately $32,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Down 0.7 %

MCHP stock opened at $51.90 on Thursday. The company has a market cap of $27.91 billion, a price-to-earnings ratio of 92.68 and a beta of 1.52. 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 business has a fifty day simple moving average of $56.69 and a 200-day simple moving average of $66.07. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, equities research analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were given a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a yield of 3.51%. Microchip Technology’s dividend payout ratio (DPR) is 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the company’s 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 directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MCHP has been the topic of several research analyst reports. Morgan Stanley decreased their price target on 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. The Goldman Sachs Group cut their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, January 10th. Needham & Company LLC lifted their price objective on Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Stifel Nicolaus cut their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Finally, Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

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.