Atlantic Union Bankshares Corp Sells 463 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Atlantic Union Bankshares Corp reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,654 shares of the semiconductor company’s stock after selling 463 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Microchip Technology were worth $1,658,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Counselors Inc. increased its stake in Microchip Technology by 55.3% in the 3rd quarter. Financial Counselors Inc. now owns 10,451 shares of the semiconductor company’s stock worth $839,000 after buying an additional 3,723 shares in the last quarter. Public Sector Pension Investment Board boosted its stake in shares of Microchip Technology by 0.4% in the third quarter. Public Sector Pension Investment Board now owns 611,121 shares of the semiconductor company’s stock worth $49,067,000 after acquiring an additional 2,600 shares during the period. First Commonwealth Financial Corp PA grew its position in shares of Microchip Technology by 2.5% during the third quarter. First Commonwealth Financial Corp PA now owns 11,342 shares of the semiconductor company’s stock worth $911,000 after purchasing an additional 279 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in Microchip Technology by 2.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 28,559 shares of the semiconductor company’s stock worth $2,293,000 after purchasing an additional 562 shares in 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 purchasing an additional 460,697 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Microchip Technology stock opened at $68.17 on Friday. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a 50-day moving average price of $73.71 and a 200-day moving average price of $82.42. The firm has a market capitalization of $36.61 billion, a PE ratio of 47.67 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.54 earnings per share. As a group, equities research analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.67%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on MCHP shares. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. B. Riley cut their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Susquehanna dropped their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. Finally, Needham & Company LLC lowered their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $92.00.

About Microchip Technology

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.