Wesbanco Bank Inc. Sells 565 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wesbanco Bank Inc. cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,863 shares of the semiconductor company’s stock after selling 565 shares during the period. Wesbanco Bank Inc.’s holdings in Microchip Technology were worth $2,114,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $5,917,000. Quadrature Capital Ltd acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at $3,312,000. Benjamin Edwards Inc. grew its position in Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after acquiring an additional 9,230 shares during the last quarter. Empowered Funds LLC increased its holdings in Microchip Technology by 25.7% in the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock valued at $163,886,000 after purchasing an additional 2,829,082 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.9 %

MCHP stock opened at $59.57 on Friday. 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 Incorporated has a fifty-two week low of $54.47 and a fifty-two week high of $100.57. The stock’s 50 day simple moving average is $60.53 and its 200 day simple moving average is $72.98. The company has a market cap of $31.99 billion, a P/E ratio of 41.66 and a beta of 1.52.

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

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Friday, November 22nd were given a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.06%. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, December 13th. TD Cowen reduced their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Bank of America downgraded shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research note on Tuesday, December 3rd. Finally, Mizuho lowered their target price on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating for the company in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Microchip Technology Company 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.