Microchip Technology Inc. (MCHP) Holdings Cut by Wesbanco Bank Inc.

Wesbanco Bank Inc. lessened its position in Microchip Technology Inc. (NASDAQ:MCHP) by 4.5% during the third quarter, Holdings Channel reports. The fund owned 32,954 shares of the semiconductor company’s stock after selling 1,569 shares during the period. Wesbanco Bank Inc.’s holdings in Microchip Technology were worth $2,601,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Xact Kapitalforvaltning AB boosted its position in Microchip Technology by 4.6% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 47,976 shares of the semiconductor company’s stock valued at $4,363,000 after purchasing an additional 2,098 shares during the period. Whittier Trust Co. boosted its position in Microchip Technology by 898.9% during the 2nd quarter. Whittier Trust Co. now owns 7,302 shares of the semiconductor company’s stock valued at $356,000 after purchasing an additional 6,571 shares during the period. Creative Planning boosted its position in Microchip Technology by 9.6% during the 2nd quarter. Creative Planning now owns 21,420 shares of the semiconductor company’s stock valued at $1,948,000 after purchasing an additional 1,872 shares during the period. Columbus Circle Investors boosted its position in Microchip Technology by 45.9% during the 2nd quarter. Columbus Circle Investors now owns 146,552 shares of the semiconductor company’s stock valued at $13,329,000 after purchasing an additional 46,089 shares during the period. Finally, Squar Milner Financial Services LLC acquired a new position in Microchip Technology during the 2nd quarter valued at approximately $210,000.

Shares of MCHP stock opened at $73.00 on Thursday. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20. The company has a quick ratio of 0.64, a current ratio of 1.04 and a debt-to-equity ratio of 1.85. The firm has a market cap of $17.27 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 0.90 and a beta of 1.24.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Wednesday, November 7th. The semiconductor company reported $1.68 EPS for the quarter, topping the Zacks’ consensus estimate of $1.65 by $0.03. Microchip Technology had a return on equity of 35.00% and a net margin of 0.59%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the business earned $1.41 EPS. The company’s quarterly revenue was up 49.5% compared to the same quarter last year. Equities analysts expect that Microchip Technology Inc. will post 5.98 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st will be paid a $0.3645 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend is Tuesday, November 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 28.13%.

A number of research analysts recently issued reports on MCHP shares. Rosenblatt Securities restated a “buy” rating and set a $125.00 price objective on shares of Microchip Technology in a research report on Sunday, August 12th. Nomura reduced their price objective on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Friday, August 10th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Cfra reiterated a “buy” rating and set a $110.00 price target on shares of Microchip Technology in a research report on Wednesday, September 19th. Finally, Zacks Investment Research upgraded Microchip Technology from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a research report on Friday, October 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. Microchip Technology has an average rating of “Buy” and an average price target of $104.42.

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Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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