Comerica Bank Decreases Holdings in Microchip Technology Inc. (NASDAQ:MCHP)

Comerica Bank trimmed its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 1.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,770 shares of the semiconductor company’s stock after selling 476 shares during the period. Comerica Bank’s holdings in Microchip Technology were worth $4,498,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. California Public Employees Retirement System raised its position in shares of Microchip Technology by 67.4% in the third quarter. California Public Employees Retirement System now owns 558,332 shares of the semiconductor company’s stock valued at $51,875,000 after buying an additional 224,821 shares during the last quarter. Usca Ria LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at about $145,000. Smithfield Trust Co. raised its position in shares of Microchip Technology by 89.5% in the third quarter. Smithfield Trust Co. now owns 1,810 shares of the semiconductor company’s stock valued at $168,000 after buying an additional 855 shares during the last quarter. State of Tennessee Treasury Department raised its position in shares of Microchip Technology by 3.2% in the third quarter. State of Tennessee Treasury Department now owns 137,195 shares of the semiconductor company’s stock valued at $12,747,000 after buying an additional 4,250 shares during the last quarter. Finally, Northwest Investment Counselors LLC raised its position in shares of Microchip Technology by 2.8% in the third quarter. Northwest Investment Counselors LLC now owns 12,714 shares of the semiconductor company’s stock valued at $1,181,000 after buying an additional 346 shares during the last quarter.

In other Microchip Technology news, VP Richard J. Simoncic sold 3,437 shares of Microchip Technology stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the sale, the vice president now directly owns 18,178 shares in the company, valued at $1,610,570.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 1,937 shares of Microchip Technology stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is owned by company insiders.

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group increased their target price on shares of Microchip Technology from $104.00 to $119.00 and gave the company a “buy” rating in a research report on Wednesday. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 price objective for the company. in a research report on Thursday, July 25th. ValuEngine upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Wells Fargo & Co cut their price objective on shares of Microchip Technology from $115.00 to $110.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Cfra set a $100.00 price objective on shares of Microchip Technology and gave the stock a “hold” rating in a research report on Saturday, September 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Microchip Technology has a consensus rating of “Buy” and an average price target of $105.66.

Microchip Technology stock opened at $96.21 on Friday. Microchip Technology Inc. has a 12-month low of $65.67 and a 12-month high of $101.57. The stock has a market cap of $23.81 billion, a P/E ratio of 15.82, a PEG ratio of 1.83 and a beta of 1.44. The company has a 50-day moving average price of $94.12 and a 200 day moving average price of $90.20. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. Microchip Technology had a net margin of 7.15% and a return on equity of 25.74%. The business had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same period last year, the business earned $1.81 earnings per share. The business’s revenue for the quarter was down 6.6% on a year-over-year basis. As a group, analysts forecast that Microchip Technology Inc. will post 5.21 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Thursday, November 21st will be given a dividend of $0.366 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend is Wednesday, November 20th. Microchip Technology’s dividend payout ratio is presently 24.01%.

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.

Featured Story: Technical Analysis of Stocks, How Can It Help

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

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.