RNC Capital Management LLC Sells 1,730 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

RNC Capital Management LLC decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 16.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,787 shares of the semiconductor company’s stock after selling 1,730 shares during the quarter. RNC Capital Management LLC’s holdings in Microchip Technology were worth $617,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Carl P. Sherr & Co. LLC lifted its holdings in Microchip Technology by 1.2% during the third quarter. Carl P. Sherr & Co. LLC now owns 12,299 shares of the semiconductor company’s stock worth $751,000 after acquiring an additional 140 shares during the period. Transamerica Financial Advisors Inc. increased its position in shares of Microchip Technology by 8.7% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,819 shares of the semiconductor company’s stock valued at $111,000 after purchasing an additional 145 shares during the last quarter. Kinneret Advisory LLC raised its stake in shares of Microchip Technology by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 7,495 shares of the semiconductor company’s stock worth $563,000 after purchasing an additional 167 shares during the period. First Commonwealth Financial Corp PA boosted its holdings in shares of Microchip Technology by 2.1% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 8,334 shares of the semiconductor company’s stock worth $509,000 after buying an additional 174 shares during the last quarter. Finally, Tiemann Investment Advisors LLC grew its position in Microchip Technology by 0.9% during the third quarter. Tiemann Investment Advisors LLC now owns 19,609 shares of the semiconductor company’s stock valued at $1,197,000 after buying an additional 175 shares during the period. Hedge funds and other institutional investors own 89.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Microchip Technology from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Friday, February 3rd. Morgan Stanley raised their price target on shares of Microchip Technology from $80.00 to $99.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price objective on shares of Microchip Technology in a research note on Wednesday, March 8th. B. Riley increased their price objective on Microchip Technology from $86.00 to $106.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Finally, The Goldman Sachs Group boosted their target price on Microchip Technology from $76.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, February 6th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.58.

Microchip Technology Price Performance

MCHP stock opened at $80.71 on Friday. The firm has a 50 day moving average of $80.21 and a 200-day moving average of $72.23. The firm has a market capitalization of $44.21 billion, a P/E ratio of 21.87, a price-to-earnings-growth ratio of 0.85 and a beta of 1.58. Microchip Technology Incorporated has a 12 month low of $54.33 and a 12 month high of $87.76. The company has a current ratio of 1.76, a quick ratio of 1.04 and a debt-to-equity ratio of 1.04.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 7th. Shareholders of record on Tuesday, February 21st were issued a $0.358 dividend. This represents a $1.43 annualized dividend and a yield of 1.77%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, February 17th. Microchip Technology’s dividend payout ratio (DPR) is presently 38.75%.

Microchip Technology Profile

(Get Rating)

Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment is involved in designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.