M&T Bank Corp Lowers Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

M&T Bank Corp decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 334,975 shares of the semiconductor company’s stock after selling 17,195 shares during the period. M&T Bank Corp’s holdings in Microchip Technology were worth $30,208,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Commonwealth Equity Services LLC lifted its position in Microchip Technology by 8.6% during the third quarter. Commonwealth Equity Services LLC now owns 135,845 shares of the semiconductor company’s stock valued at $10,603,000 after buying an additional 10,702 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Microchip Technology by 4.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 39,162 shares of the semiconductor company’s stock valued at $3,057,000 after purchasing an additional 1,769 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Microchip Technology by 4.9% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 293,870 shares of the semiconductor company’s stock worth $22,937,000 after purchasing an additional 13,714 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Microchip Technology by 7.1% in the third quarter. Stratos Wealth Partners LTD. now owns 5,799 shares of the semiconductor company’s stock worth $453,000 after buying an additional 383 shares during the period. Finally, Mn Services Vermogensbeheer B.V. grew its stake in shares of Microchip Technology by 1.1% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 264,000 shares of the semiconductor company’s stock valued at $20,605,000 after buying an additional 3,000 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $1.90 during trading on Friday, reaching $91.36. 6,983,068 shares of the company’s stock traded hands, compared to its average volume of 5,300,839. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a 50 day moving average of $87.88 and a 200-day moving average of $84.95. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $94.63. The stock has a market capitalization of $49.37 billion, a P/E ratio of 21.35, a price-to-earnings-growth ratio of 2.73 and a beta of 1.60.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the firm earned $1.48 EPS. The business’s quarterly revenue was down 18.6% on a year-over-year basis. On average, equities analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Insiders Place Their Bets

In related news, Director Karlton D. Johnson sold 370 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at approximately $150,276. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on MCHP. UBS Group reduced their price target on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Thursday, January 18th. TD Cowen raised their target price on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Susquehanna reiterated a “positive” rating and issued a $100.00 price target on shares of Microchip Technology in a research note on Monday, April 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.75.

About Microchip Technology

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.