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

Chevy Chase Trust Holdings LLC trimmed its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 298,257 shares of the semiconductor company’s stock after selling 4,050 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.06% of Microchip Technology worth $27,291,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MCHP. Swedbank AB acquired a new stake in Microchip Technology in the 1st quarter valued at $1,079,000. Caxton Associates LP increased its stake in shares of Microchip Technology by 4,511.5% during the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock worth $36,072,000 after purchasing an additional 391,326 shares in the last quarter. SageView Advisory Group LLC increased its stake in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock worth $1,553,000 after buying an additional 14,458 shares in the last quarter. RFG Advisory LLC lifted its position in shares of Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 8,931 shares in the last quarter. Finally, Hennessy Advisors Inc. raised its stake in Microchip Technology by 2,194.5% during the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after purchasing an additional 31,996 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,188 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the transaction, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 3,188 shares of the business’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $99.98, for a total transaction of $318,736.24. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $3,325,034.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now directly owns 35,682 shares in the company, valued at $3,349,826.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,163 shares of company stock worth $598,737. 2.07% of the stock is owned by insiders.

Microchip Technology Price Performance

Shares of MCHP stock traded up $1.82 during midday trading on Wednesday, reaching $82.10. 1,832,005 shares of the company traded hands, compared to its average volume of 6,003,718. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The firm has a market cap of $44.05 billion, a PE ratio of 23.64 and a beta of 1.54. The firm’s 50 day simple moving average is $87.42 and its two-hundred day simple moving average is $88.61. 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 posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 27.82% and a net margin of 20.80%. Microchip Technology’s revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.56 EPS. On average, equities research analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd will be given a $0.454 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 52.16%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MCHP. Citigroup cut their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating for the company in a report on Friday, August 2nd. UBS Group increased their price target on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. B. Riley cut their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Finally, Jefferies Financial Group started coverage on shares of Microchip Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $115.00 price target for the company. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.