Atlantic Union Bankshares Corp Trims Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Atlantic Union Bankshares Corp lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,654 shares of the semiconductor company’s stock after selling 463 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Microchip Technology were worth $1,658,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Prospera Private Wealth LLC purchased a new position in Microchip Technology during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the third quarter valued at approximately $34,000. Pathway Financial Advisers LLC bought a new stake in shares of Microchip Technology in the 1st quarter worth approximately $39,000. Finally, Versant Capital Management Inc grew its stake in shares of Microchip Technology by 148.8% in the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 0.4 %

Shares of NASDAQ:MCHP opened at $68.17 on Friday. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57. The stock has a market capitalization of $36.61 billion, a price-to-earnings ratio of 47.67 and a beta of 1.53. 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 stock’s 50-day simple moving average is $73.71 and its two-hundred day simple moving average is $82.42.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $1.54 earnings per share. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 127.27%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Needham & Company LLC dropped their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. KeyCorp cut their price objective on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Jefferies Financial Group decreased their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.