Webster Bank N. A. Has $61,000 Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Webster Bank N. A. lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 20.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 large investors have also recently bought and sold shares of MCHP. Pallas Capital Advisors LLC acquired a new position in Microchip Technology during the fourth quarter worth $5,917,000. Quadrature Capital Ltd bought a new position in shares of Microchip Technology in the 3rd quarter valued at about $3,312,000. Benjamin Edwards Inc. grew its holdings in shares of Microchip Technology by 5,185.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after acquiring an additional 9,230 shares in the last quarter. Empowered Funds LLC raised its holdings in Microchip Technology by 25.7% during the third quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after acquiring an additional 19,663 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Microchip Technology by 9,901.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after acquiring an additional 2,829,082 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. TD Cowen lowered their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of Microchip Technology in a research report on Tuesday, December 3rd. Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. KeyCorp dropped their target price on shares of Microchip Technology from $90.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group reduced their price target on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.

View Our Latest Stock Report on MCHP

Microchip Technology Trading Up 1.3 %

Shares of MCHP stock opened at $57.12 on Tuesday. The stock has a 50 day simple moving average of $60.28 and a 200 day simple moving average of $72.33. Microchip Technology Incorporated has a 1 year low of $54.47 and a 1 year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The stock has a market cap of $30.68 billion, a P/E ratio of 39.95 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHPGet Free Report) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.54 EPS. On average, research analysts predict that Microchip Technology Incorporated will post 1.31 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

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

About Microchip Technology

(Free Report)

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.

Further Reading

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

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