Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Chevy Chase Trust Holdings Inc.
Chevy Chase Trust Holdings Inc. raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 198,675 shares of the semiconductor company’s stock after buying an additional 11,096 shares during the period. Chevy Chase Trust Holdings Inc. owned approximately 0.09% of Microchip Technology worth $15,334,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. First Midwest Bank Trust Division boosted its stake in shares of Microchip Technology by 2.7% in the first quarter. First Midwest Bank Trust Division now owns 5,287 shares of the semiconductor company’s stock worth $390,000 after buying an additional 137 shares during the period. Franklin Street Advisors Inc. NC purchased a new stake in shares of Microchip Technology during the first quarter worth about $232,000. Glaxis Capital Management LLC purchased a new stake in shares of Microchip Technology during the first quarter worth about $9,940,000. Retirement Systems of Alabama boosted its stake in shares of Microchip Technology by 2.2% in the first quarter. Retirement Systems of Alabama now owns 104,618 shares of the semiconductor company’s stock worth $7,719,000 after buying an additional 2,230 shares during the period. Finally, UMB Bank N A MO purchased a new stake in shares of Microchip Technology during the first quarter worth about $228,000. Institutional investors own 98.67% of the company’s stock.
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Shares of Microchip Technology Incorporated (NASDAQ MCHP) traded down 2.82% during midday trading on Thursday, reaching $81.24. 2,287,035 shares of the company’s stock were exchanged. The company’s 50 day moving average is $80.45 and its 200-day moving average is $76.68. The stock has a market cap of $18.91 billion, a PE ratio of 43.77 and a beta of 1.06. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $87.49.
Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same quarter in the previous year, the firm earned $0.84 earnings per share. The business’s quarterly revenue was up 21.6% on a year-over-year basis. Equities analysts forecast that Microchip Technology Incorporated will post $5.27 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be paid a $0.362 dividend. The ex-dividend date is Thursday, August 17th. This represents a $1.45 annualized dividend and a dividend yield of 1.78%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is currently 77.54%.
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A number of equities research analysts recently issued reports on the stock. B. Riley reiterated a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research report on Sunday, June 11th. BidaskClub upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday. Stifel Nicolaus increased their target price on shares of Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 price objective (up previously from $92.00) on shares of Microchip Technology in a report on Friday, August 4th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $88.80.
In other news, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the transaction, the vice president now owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
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.
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