Wagner Bowman Management Corp decreased its position in Microchip Technology Inc. (NASDAQ:MCHP) by 9.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,636 shares of the semiconductor company’s stock after selling 399 shares during the quarter. Wagner Bowman Management Corp’s holdings in Microchip Technology were worth $261,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of MCHP. Webster Bank N. A. raised its stake in shares of Microchip Technology by 19.3% during the fourth quarter. Webster Bank N. A. now owns 864 shares of the semiconductor company’s stock valued at $62,000 after purchasing an additional 140 shares in the last quarter. Orrstown Financial Services Inc. raised its stake in shares of Microchip Technology by 2.8% during the fourth quarter. Orrstown Financial Services Inc. now owns 12,710 shares of the semiconductor company’s stock valued at $914,000 after purchasing an additional 351 shares in the last quarter. City Holding Co. raised its stake in shares of Microchip Technology by 0.9% during the fourth quarter. City Holding Co. now owns 42,809 shares of the semiconductor company’s stock valued at $3,079,000 after purchasing an additional 395 shares in the last quarter. CKW Financial Group raised its stake in shares of Microchip Technology by 100.0% during the fourth quarter. CKW Financial Group now owns 1,000 shares of the semiconductor company’s stock valued at $72,000 after purchasing an additional 500 shares in the last quarter. Finally, Trust Co. of Toledo NA OH raised its stake in shares of Microchip Technology by 0.9% during the fourth quarter. Trust Co. of Toledo NA OH now owns 57,061 shares of the semiconductor company’s stock valued at $4,104,000 after purchasing an additional 507 shares in the last quarter.
In related news, CFO James Eric Bjornholt sold 1,866 shares of the business’s stock in a transaction that occurred on Friday, November 23rd. The stock was sold at an average price of $72.06, for a total value of $134,463.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 4,271 shares of the business’s stock in a transaction that occurred on Friday, November 23rd. The shares were sold at an average price of $72.06, for a total value of $307,768.26. Following the completion of the sale, the vice president now directly owns 17,173 shares of the company’s stock, valued at approximately $1,237,486.38. The disclosure for this sale can be found here. In the last three months, insiders sold 9,722 shares of company stock valued at $769,077. 2.13% of the stock is currently owned by company insiders.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.45 by $0.21. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Microchip Technology had a return on equity of 32.30% and a net margin of 6.53%. The business’s revenue for the quarter was up 42.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.36 EPS. As a group, equities analysts forecast that Microchip Technology Inc. will post 5.89 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Investors of record on Thursday, February 21st will be paid a $0.365 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Wednesday, February 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.60%. Microchip Technology’s payout ratio is presently 28.13%.
Several brokerages have commented on MCHP. Citigroup reiterated a “buy” rating and issued a $105.00 price target on shares of Microchip Technology in a research report on Thursday, February 7th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday. Needham & Company LLC boosted their price target on shares of Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, February 6th. BidaskClub upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 16th. Finally, Piper Jaffray Companies set a $130.00 price target on Microchip Technology and gave the stock a “buy” rating in a research note on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology presently has an average rating of “Buy” and a consensus price target of $103.95.
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About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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