Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 290,741 shares of the semiconductor company’s stock after selling 7,516 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of Microchip Technology worth $23,344,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Prospera Private Wealth LLC purchased a new position in Microchip Technology in the 3rd quarter worth $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology in the third quarter worth about $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology in the third quarter worth about $34,000. Wolff Wiese Magana LLC lifted its holdings in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after purchasing an additional 218 shares during the period. Finally, TruNorth Capital Management LLC purchased a new stake in Microchip Technology in the second quarter valued at approximately $55,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $65.39 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a market cap of $35.12 billion, a PE ratio of 45.73 and a beta of 1.50. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The firm has a fifty day moving average of $73.33 and a 200 day moving average of $81.88.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the company earned $1.54 earnings per share. The company’s quarterly revenue was down 48.4% on a year-over-year basis. As a group, research analysts predict that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.78%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s payout ratio is presently 127.27%.

Analyst Upgrades and Downgrades

MCHP has been the subject of several research reports. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Susquehanna decreased their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research report on Wednesday, November 6th. Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Stifel Nicolaus reduced their price objective on Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Company Profile

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.