Microchip Technology Incorporated (MCHP) Position Lifted by Chevy Chase Trust Holdings Inc.

Chevy Chase Trust Holdings Inc. increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,028 shares of the semiconductor company’s stock after acquiring an additional 5,353 shares during the quarter. Chevy Chase Trust Holdings Inc. owned about 0.09% of Microchip Technology worth $18,317,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Global X Management Co. LLC raised its stake in shares of Microchip Technology by 4.7% during the 2nd quarter. Global X Management Co. LLC now owns 2,690 shares of the semiconductor company’s stock worth $208,000 after acquiring an additional 120 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Microchip Technology by 73,427.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 46,322 shares of the semiconductor company’s stock worth $3,575,000 after acquiring an additional 46,259 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Microchip Technology by 7.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 721,944 shares of the semiconductor company’s stock worth $55,720,000 after acquiring an additional 51,287 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Microchip Technology by 6.2% during the 2nd quarter. Arizona State Retirement System now owns 56,850 shares of the semiconductor company’s stock worth $4,388,000 after acquiring an additional 3,300 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Microchip Technology by 19.2% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 66,446 shares of the semiconductor company’s stock worth $5,211,000 after acquiring an additional 10,680 shares in the last quarter.

In related news, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the sale, the vice president now directly owns 15,767 shares in the company, valued at $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

A number of research analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, September 19th. J P Morgan Chase & Co restated an “overweight” rating and set a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, November 7th. Zacks Investment Research lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd. Credit Suisse Group restated an “outperform” rating and set a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Microchip Technology presently has an average rating of “Buy” and an average price target of $99.41.

Shares of Microchip Technology Incorporated (MCHP) opened at $87.39 on Tuesday. The company has a market cap of $20,470.00, a price-to-earnings ratio of 18.52, a PEG ratio of 1.40 and a beta of 0.99. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85. Microchip Technology Incorporated has a twelve month low of $62.21 and a twelve month high of $95.92.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.27 by $0.14. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The business’s revenue for the quarter was up 16.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.94 EPS. sell-side analysts predict that Microchip Technology Incorporated will post 5.12 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st were issued a dividend of $0.3625 per share. The ex-dividend date was Monday, November 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a yield of 1.66%. Microchip Technology’s dividend payout ratio is 58.00%.

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Microchip Technology Company Profile

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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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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