M&T Bank Corp Cuts Holdings in Microchip Technology Inc. (NASDAQ:MCHP)

M&T Bank Corp decreased its position in Microchip Technology Inc. (NASDAQ:MCHP) by 4.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 146,686 shares of the semiconductor company’s stock after selling 6,629 shares during the period. M&T Bank Corp owned about 0.06% of Microchip Technology worth $15,448,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Sugarloaf Wealth Management LLC purchased a new stake in Microchip Technology during the 1st quarter worth approximately $25,000. Jacobi Capital Management LLC increased its stake in Microchip Technology by 18,027.4% during the 2nd quarter. Jacobi Capital Management LLC now owns 47,675 shares of the semiconductor company’s stock worth $28,000 after buying an additional 47,412 shares during the period. HHM Wealth Advisors LLC purchased a new stake in Microchip Technology during the 1st quarter worth approximately $32,000. Watson Rebecca purchased a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $32,000. Finally, Allred Capital Management LLC increased its position in shares of Microchip Technology by 42.0% in the 1st quarter. Allred Capital Management LLC now owns 487 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 144 shares during the last quarter.

A number of brokerages have commented on MCHP. TheStreet raised shares of Microchip Technology from a “c+” rating to a “b” rating in a research report on Wednesday, June 3rd. BNP Paribas began coverage on shares of Microchip Technology in a research report on Thursday, July 9th. They issued a “neutral” rating and a $110.00 price objective on the stock. Argus increased their price objective on shares of Microchip Technology from $100.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Susquehanna Bancshares dropped their price objective on shares of Microchip Technology from $130.00 to $115.00 and set a “positive” rating on the stock in a research report on Thursday, April 9th. Finally, KeyCorp increased their price objective on shares of Microchip Technology from $105.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $115.30.

In related news, CFO James Eric Bjornholt sold 2,756 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $86.92, for a total value of $239,551.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Ganesh Moorthy sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $106.72, for a total value of $1,280,640.00. The disclosure for this sale can be found here. Insiders sold a total of 26,336 shares of company stock worth $2,684,160 in the last quarter. 2.15% of the stock is owned by corporate insiders.

Shares of NASDAQ MCHP opened at $101.73 on Friday. Microchip Technology Inc. has a twelve month low of $53.15 and a twelve month high of $113.28. The company has a current ratio of 1.35, a quick ratio of 0.94 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $24.37 billion, a price-to-earnings ratio of 45.82, a PEG ratio of 1.30 and a beta of 1.61. The firm has a 50-day moving average of $103.59 and a two-hundred day moving average of $93.37.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, May 7th. The semiconductor company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.11. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.32 billion. Microchip Technology had a return on equity of 23.63% and a net margin of 10.82%. The business’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.48 EPS. As a group, research analysts predict that Microchip Technology Inc. will post 5.43 earnings per share for the current year.

Microchip Technology Company Profile

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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