Chevy Chase Trust Holdings LLC Purchases 262 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Chevy Chase Trust Holdings LLC raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 283,693 shares of the semiconductor company’s stock after buying an additional 262 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Microchip Technology were worth $13,734,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $26,000. Rakuten Securities Inc. grew its holdings in Microchip Technology by 309.5% during the 4th quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology in the 4th quarter valued at approximately $29,000. Kohmann Bosshard Financial Services LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at $34,000. Finally, Millstone Evans Group LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth $34,000. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MCHP. Morgan Stanley increased their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an “equal weight” rating in a report on Friday, May 9th. TD Cowen increased their price target on Microchip Technology from $35.00 to $55.00 and gave the company a “hold” rating in a research note on Friday, May 9th. Rosenblatt Securities lifted their price objective on Microchip Technology from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. UBS Group increased their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Finally, Raymond James Financial boosted their price target on shares of Microchip Technology from $60.00 to $65.00 and gave the stock a “strong-buy” rating in a research report on Friday, May 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $70.15.

Insider Buying and Selling

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the business’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by company insiders.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $71.60 on Thursday. The firm has a market capitalization of $38.62 billion, a P/E ratio of -7,160.00, a P/E/G ratio of 2.10 and a beta of 1.48. The firm’s 50-day moving average price is $57.44 and its 200-day moving average price is $55.22. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $96.98.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The firm’s revenue was down 26.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 EPS. Equities research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date was Thursday, May 22nd. Microchip Technology’s payout ratio is -18,200.00%.

Microchip Technology 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.