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

Chevy Chase Trust Holdings LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 283,431 shares of the semiconductor company’s stock after selling 7,310 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Microchip Technology were worth $16,255,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its stake in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock worth $636,184,000 after buying an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. boosted its stake in Microchip Technology by 30.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after buying an additional 776,408 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Microchip Technology by 0.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after buying an additional 25,872 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Microchip Technology by 9,901.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Microchip Technology by 20.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after buying an additional 460,697 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

Shares of MCHP opened at $55.76 on Friday. The business’s 50 day moving average is $56.79 and its two-hundred day moving average is $68.81. Microchip Technology Incorporated has a 52-week low of $50.21 and a 52-week high of $100.57. The firm has a market cap of $29.94 billion, a price-to-earnings ratio of 99.57 and a beta of 1.50. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. Analysts forecast that Microchip Technology Incorporated will post 1.3 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. TD Cowen decreased their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Wednesday, November 6th. Susquehanna reduced their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reiterated an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. KeyCorp decreased their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Friday, February 7th. Finally, StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

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.