Trust Co. of Virginia VA lowered its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 4.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 122,279 shares of the semiconductor company’s stock after selling 6,301 shares during the period. Microchip Technology accounts for 1.5% of Trust Co. of Virginia VA’s portfolio, making the stock its 20th biggest holding. Trust Co. of Virginia VA owned about 0.05% of Microchip Technology worth $10,745,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the company. Huntington National Bank lifted its holdings in Microchip Technology by 10.9% in the 4th quarter. Huntington National Bank now owns 5,594 shares of the semiconductor company’s stock valued at $492,000 after acquiring an additional 550 shares during the last quarter. Advantus Capital Management Inc increased its holdings in shares of Microchip Technology by 2.6% in the 3rd quarter. Advantus Capital Management Inc now owns 23,555 shares of the semiconductor company’s stock valued at $2,115,000 after purchasing an additional 587 shares during the period. Jaffetilchin Investment Partners LLC increased its holdings in shares of Microchip Technology by 15.9% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 4,878 shares of the semiconductor company’s stock valued at $429,000 after purchasing an additional 668 shares during the period. Raymond James Trust N.A. increased its holdings in shares of Microchip Technology by 3.7% in the 4th quarter. Raymond James Trust N.A. now owns 18,601 shares of the semiconductor company’s stock valued at $1,634,000 after purchasing an additional 671 shares during the period. Finally, Covenant Asset Management LLC increased its holdings in shares of Microchip Technology by 4.7% in the 4th quarter. Covenant Asset Management LLC now owns 15,171 shares of the semiconductor company’s stock valued at $1,333,000 after purchasing an additional 675 shares during the period.
A number of equities research analysts have issued reports on the company. ValuEngine cut Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Morgan Stanley reduced their price objective on Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 7th. BidaskClub raised Microchip Technology from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 2nd. Rosenblatt Securities reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Tuesday, March 6th. Finally, Piper Jaffray Companies started coverage on Microchip Technology in a research note on Monday, December 18th. They set an “overweight” rating and a $100.00 price objective for the company. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $103.04.
Microchip Technology Inc. (NASDAQ:MCHP) traded down $0.78 on Wednesday, reaching $97.25. The company had a trading volume of 2,327,711 shares, compared to its average volume of 3,397,206. The company has a market cap of $23,490.55, a P/E ratio of 100.11, a PEG ratio of 1.34 and a beta of 1.08. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.33. Microchip Technology Inc. has a twelve month low of $71.40 and a twelve month high of $101.48.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.01. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The firm had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. During the same period in the prior year, the company posted $1.05 EPS. The company’s revenue was up 19.1% compared to the same quarter last year. sell-side analysts predict that Microchip Technology Inc. will post 5.13 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st were given a dividend of $0.363 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Tuesday, February 20th. Microchip Technology’s dividend payout ratio is currently 149.49%.
In related news, Director Wade F. Meyercord sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $94.92, for a total transaction of $474,600.00. Following the sale, the director now owns 29,469 shares in the company, valued at approximately $2,797,197.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Mitchell R. Little sold 4,159 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $84.14, for a total value of $349,938.26. Following the sale, the vice president now owns 15,767 shares in the company, valued at approximately $1,326,635.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,392 shares of company stock valued at $2,909,829. Insiders own 2.13% of the company’s stock.
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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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