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

M&T Bank Corp reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 334,975 shares of the semiconductor company’s stock after selling 17,195 shares during the quarter. M&T Bank Corp owned 0.06% of Microchip Technology worth $30,208,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MCHP. Northern Trust Corp grew its position in Microchip Technology by 1.1% during the third quarter. Northern Trust Corp now owns 7,521,409 shares of the semiconductor company’s stock valued at $587,046,000 after acquiring an additional 80,431 shares during the last quarter. Van ECK Associates Corp raised its stake in Microchip Technology by 16.0% in the fourth quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after buying an additional 714,376 shares in the last quarter. Mizuho Markets Americas LLC purchased a new stake in Microchip Technology in the third quarter worth about $225,800,000. Charles Schwab Investment Management Inc. boosted its position in Microchip Technology by 0.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,830,397 shares of the semiconductor company’s stock valued at $220,913,000 after acquiring an additional 25,002 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in Microchip Technology by 0.5% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,457,152 shares of the semiconductor company’s stock valued at $221,586,000 after acquiring an additional 11,163 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on MCHP. Needham & Company LLC upped their target price on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. The Goldman Sachs Group dropped their price target on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. UBS Group reduced their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Truist Financial dropped their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $92.75.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded up $1.90 during midday trading on Friday, hitting $91.36. 6,983,068 shares of the stock traded hands, compared to its average volume of 5,300,839. The firm has a market capitalization of $49.37 billion, a P/E ratio of 21.35, a PEG ratio of 2.73 and a beta of 1.60. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.63. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The firm has a 50-day moving average of $87.88 and a two-hundred day moving average of $84.95.

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

Insiders Place Their Bets

In related 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 $2,759,722.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the company’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 transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Profile

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.