Today: Today, Chevy Chase Trust Holdings Inc. Reduces stake in Microchip Technology Inc. (MCHP)

Today, Chevy Chase Trust Holdings Inc. Reduces stake in Microchip Technology Inc. (MCHP)

Chevy Chase Trust Holdings Inc. cut its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 2.1% during the third quarter, Holdings Channel reports. The institutional investor owned 180,650 shares of the company’s stock after selling 3,862 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in Microchip Technology were worth $11,225,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Mizuho Asset Management Co. Ltd. raised its position in Microchip Technology by 118.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,734 shares of the company’s stock worth $139,000 after buying an additional 1,484 shares in the last quarter. Creative Planning raised its position in Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock worth $156,000 after buying an additional 1,479 shares in the last quarter. FineMark National Bank & Trust raised its position in Microchip Technology by 42.4% in the second quarter. FineMark National Bank & Trust now owns 3,156 shares of the company’s stock worth $160,000 after buying an additional 940 shares in the last quarter. Cape ANN Savings Bank acquired a new position in Microchip Technology during the second quarter worth $207,000. Finally, Veritable L.P. acquired a new position in Microchip Technology during the second quarter worth $210,000. Institutional investors and hedge funds own 98.61% of the company’s stock.

Microchip Technology Inc. (NASDAQ:MCHP) traded down 0.05% during trading on Friday, hitting $66.08. 625,856 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $61.80 and a 200 day moving average price of $57.14. Microchip Technology Inc. has a 52-week low of $39.01 and a 52-week high of $66.25. The company has a market cap of $14.27 billion, a price-to-earnings ratio of 287.30 and a beta of 1.04.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The firm earned $873.80 million during the quarter, compared to analysts’ expectations of $860.96 million. Microchip Technology had a net margin of 1.77% and a return on equity of 27.29%. The company’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.66 earnings per share. On average, equities research analysts predict that Microchip Technology Inc. will post $3.62 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Stockholders of record on Monday, November 21st will be paid a $0.3605 dividend. The ex-dividend date is Thursday, November 17th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.18%. Microchip Technology’s dividend payout ratio is 720.00%.

Several brokerages have commented on MCHP. B. Riley reissued a “buy” rating and issued a $74.00 price target on shares of Microchip Technology in a report on Sunday, August 14th. Jefferies Group raised their price target on shares of Microchip Technology from $56.00 to $68.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Citigroup Inc. raised their price target on shares of Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Credit Suisse Group AG reissued a “buy” rating and issued a $67.00 price target on shares of Microchip Technology in a report on Tuesday, August 9th. Finally, Needham & Company LLC raised their price target on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $64.61.

In related news, CFO James Eric Bjornholt sold 2,043 shares of the company’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total transaction of $133,121.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Sanghi sold 28,693 shares of the company’s stock in a transaction on Thursday, November 17th. The stock was sold at an average price of $65.41, for a total transaction of $1,876,809.13. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Related posts

Leave a Comment