Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,418 shares of the semiconductor company’s stock after selling 1,575 shares during the period. Atlantic Union Bankshares Corp’s holdings in Microchip Technology were worth $2,098,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in MCHP. Aspire Private Capital LLC lifted its stake in Microchip Technology by 3.2% in the 4th quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock valued at $274,266,959,000 after buying an additional 120 shares in the last quarter. HB Wealth Management LLC lifted its stake in Microchip Technology by 1.7% in the 1st quarter. HB Wealth Management LLC now owns 7,650 shares of the semiconductor company’s stock valued at $641,000 after buying an additional 126 shares in the last quarter. Snowden Capital Advisors LLC lifted its stake in Microchip Technology by 1.1% in the 1st quarter. Snowden Capital Advisors LLC now owns 12,172 shares of the semiconductor company’s stock valued at $1,020,000 after buying an additional 138 shares in the last quarter. Fulton Bank N.A. lifted its stake in Microchip Technology by 3.1% in the 1st quarter. Fulton Bank N.A. now owns 4,893 shares of the semiconductor company’s stock valued at $410,000 after buying an additional 145 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel lifted its stake in Microchip Technology by 5.4% in the 1st quarter. Psagot Value Holdings Ltd. Israel now owns 2,815 shares of the semiconductor company’s stock valued at $231,000 after buying an additional 145 shares in the last quarter. 90.85% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Microchip Technology stock opened at $77.95 on Tuesday. The stock has a market cap of $42.43 billion, a P/E ratio of 18.04, a price-to-earnings-growth ratio of 1.11 and a beta of 1.63. The company has a fifty day simple moving average of $84.64 and a 200-day simple moving average of $81.72. Microchip Technology Incorporated has a 12-month low of $54.77 and a 12-month high of $94.30. The company has a current ratio of 1.02, a quick ratio of 0.60 and a debt-to-equity ratio of 0.68.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.64 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.64. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Microchip Technology had a net margin of 27.35% and a return on equity of 51.51%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.30 EPS. Equities analysts expect that Microchip Technology Incorporated will post 5.8 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Investors of record on Tuesday, August 22nd were given a $0.41 dividend. The ex-dividend date was Monday, August 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a yield of 2.10%. Microchip Technology’s payout ratio is 37.96%.

Analyst Ratings Changes

A number of research firms have commented on MCHP. Truist Financial increased their price objective on shares of Microchip Technology from $95.00 to $104.00 and gave the company a “buy” rating in a report on Friday, July 14th. Mizuho cut their price target on shares of Microchip Technology from $89.00 to $86.00 and set a “neutral” rating for the company in a report on Friday, August 4th. Stifel Nicolaus raised their price target on shares of Microchip Technology from $95.00 to $105.00 and gave the stock an “equal weight” rating in a report on Thursday, July 20th. StockNews.com assumed coverage on shares of Microchip Technology in a report on Thursday, August 17th. They set a “buy” rating for the company. Finally, Susquehanna cut their price target on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a report on Friday, August 4th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.18.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,363 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $78.63, for a total value of $185,802.69. Following the completion of the sale, the chief financial officer now directly owns 32,004 shares of the company’s stock, valued at $2,516,474.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.