Webster Bank N. A. Sells 280 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Webster Bank N. A. lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.8% in the fourth quarter, Holdings Channel reports. The fund owned 1,066 shares of the semiconductor company’s stock after selling 280 shares during the quarter. Webster Bank N. A.’s holdings in Microchip Technology were worth $61,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MCHP. Pacer Advisors Inc. boosted its position in Microchip Technology by 10.0% in the fourth quarter. Pacer Advisors Inc. now owns 100,434 shares of the semiconductor company’s stock valued at $5,760,000 after buying an additional 9,152 shares in the last quarter. Buttonwood Financial Advisors Inc. lifted its stake in shares of Microchip Technology by 48.7% in the 4th quarter. Buttonwood Financial Advisors Inc. now owns 89,386 shares of the semiconductor company’s stock valued at $5,126,000 after acquiring an additional 29,282 shares during the last quarter. KBC Group NV boosted its holdings in shares of Microchip Technology by 5.7% during the 4th quarter. KBC Group NV now owns 96,413 shares of the semiconductor company’s stock valued at $5,529,000 after acquiring an additional 5,178 shares in the last quarter. Blue Trust Inc. grew its position in Microchip Technology by 17.6% during the 4th quarter. Blue Trust Inc. now owns 12,383 shares of the semiconductor company’s stock worth $710,000 after acquiring an additional 1,850 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Microchip Technology by 5.8% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 43,780 shares of the semiconductor company’s stock worth $2,511,000 after purchasing an additional 2,384 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP opened at $57.12 on Tuesday. The firm has a market capitalization of $30.68 billion, a P/E ratio of 39.95 and a beta of 1.52. Microchip Technology Incorporated has a 52 week low of $54.47 and a 52 week high of $100.57. The stock has a 50 day moving average price of $60.28 and a two-hundred day moving average price of $72.33. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s revenue for the quarter was down 48.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.54 earnings per share. Equities analysts forecast that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.19%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MCHP shares. Rosenblatt Securities restated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a report on Wednesday, November 6th. B. Riley decreased their price target on shares of Microchip Technology from $93.00 to $85.00 and set a “buy” rating for the company in a research report on Friday. Jefferies Financial Group dropped their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Mizuho reduced their price objective on shares of Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Finally, The Goldman Sachs Group lowered their target price 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. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $84.00.

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.