Wesbanco Bank Inc. Sells 4,107 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wesbanco Bank Inc. decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,428 shares of the semiconductor company’s stock after selling 4,107 shares during the period. Wesbanco Bank Inc.’s holdings in Microchip Technology were worth $3,005,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Swedbank AB bought a new position in Microchip Technology in the first quarter valued at approximately $1,079,000. SageView Advisory Group LLC boosted its holdings in shares of Microchip Technology by 507.5% in the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after buying an additional 14,458 shares during the last quarter. RFG Advisory LLC grew its stake in shares of Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after buying an additional 8,931 shares in the last quarter. Hennessy Advisors Inc. increased its holdings in Microchip Technology by 2,194.5% during the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after buying an additional 31,996 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Microchip Technology by 6.3% during the first quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock worth $20,242,000 after acquiring an additional 13,304 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MCHP shares. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 24th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. JPMorgan Chase & Co. cut their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Susquehanna decreased their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a report on Friday, August 2nd. Finally, Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their price target for the company from $90.00 to $100.00 in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $99.47.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $75.23 on Wednesday. The business has a fifty day moving average price of $78.20 and a two-hundred day moving average price of $86.39. The stock has a market capitalization of $40.36 billion, a PE ratio of 21.68 and a beta of 1.52. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the previous year, the firm earned $1.56 earnings per share. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. As a group, equities analysts predict that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.41%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.07% of the company’s stock.

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.