Chevy Chase Trust Holdings LLC Decreases Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Chevy Chase Trust Holdings LLC lessened its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 302,307 shares of the semiconductor company’s stock after selling 1,624 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Microchip Technology were worth $27,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MCHP. Bleakley Financial Group LLC increased its holdings in shares of Microchip Technology by 1.3% in the 4th quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after acquiring an additional 119 shares during the last quarter. Financial Counselors Inc. increased its stake in Microchip Technology by 1.1% in the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after purchasing an additional 119 shares during the last quarter. RFG Advisory LLC raised its holdings in Microchip Technology by 3.2% during the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock worth $353,000 after purchasing an additional 123 shares in the last quarter. Twelve Points Wealth Management LLC lifted its position in shares of Microchip Technology by 1.0% during the 4th quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock worth $1,103,000 after buying an additional 125 shares during the last quarter. Finally, Meridian Wealth Management LLC boosted its holdings in shares of Microchip Technology by 5.1% in the 1st quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after buying an additional 137 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Up 3.3 %

NASDAQ:MCHP traded up $3.02 during trading hours on Wednesday, reaching $95.36. 3,024,410 shares of the company were exchanged, compared to its average volume of 5,695,250. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57. The stock has a 50 day simple moving average of $93.36 and a 200 day simple moving average of $89.18. The firm has a market cap of $51.20 billion, a price-to-earnings ratio of 27.13 and a beta of 1.54. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm’s revenue for the quarter was down 40.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.56 earnings per share. As a group, analysts predict that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd were given a dividend of $0.452 per share. This represents a $1.81 dividend on an annualized basis and a yield of 1.90%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s payout ratio is 52.16%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Citigroup lifted their price target on shares of Microchip Technology from $100.00 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Needham & Company LLC raised their price target on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Susquehanna lifted their target price on shares of Microchip Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Tuesday, May 7th. Finally, KeyCorp increased their price target on shares of Microchip Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $101.06.

Insiders Place Their Bets

In other news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the sale, the vice president now directly owns 82,203 shares in the company, valued at approximately $7,470,608.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 over the last ninety days. 2.07% of the stock is owned by company insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.