Atlantic Union Bankshares Corp Lowers Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Atlantic Union Bankshares Corp cut its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 20.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,243 shares of the semiconductor company's stock after selling 4,277 shares during the quarter. Atlantic Union Bankshares Corp's holdings in Microchip Technology were worth $786,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MCHP. AustralianSuper Pty Ltd bought a new stake in shares of Microchip Technology in the first quarter worth about $1,269,000. South Dakota Investment Council increased its holdings in shares of Microchip Technology by 20.2% in the first quarter. South Dakota Investment Council now owns 223,120 shares of the semiconductor company's stock worth $10,801,000 after purchasing an additional 37,455 shares during the last quarter. Kestra Private Wealth Services LLC increased its holdings in shares of Microchip Technology by 13.1% in the first quarter. Kestra Private Wealth Services LLC now owns 14,151 shares of the semiconductor company's stock worth $685,000 after purchasing an additional 1,637 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Microchip Technology in the first quarter worth about $150,000. Finally, Jennison Associates LLC increased its holdings in shares of Microchip Technology by 2.6% in the first quarter. Jennison Associates LLC now owns 208,416 shares of the semiconductor company's stock worth $10,089,000 after purchasing an additional 5,249 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on MCHP. The Goldman Sachs Group began coverage on Microchip Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $88.00 price target for the company. Evercore ISI boosted their target price on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research report on Thursday, June 12th. Stifel Nicolaus boosted their target price on Microchip Technology from $70.00 to $82.00 and gave the company a "buy" rating in a research report on Friday. Mizuho boosted their target price on Microchip Technology from $78.00 to $85.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Wall Street Zen upgraded Microchip Technology from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Six analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $75.70.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer directly owned 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% 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, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.94% of the company's stock.

Microchip Technology Stock Up 0.6%

MCHP stock opened at $74.78 on Monday. The company has a market cap of $40.36 billion, a price-to-earnings ratio of -7,478.00, a PEG ratio of 2.23 and a beta of 1.52. 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 12 month low of $34.13 and a 12 month high of $93.23. The firm has a 50-day moving average of $66.82 and a two-hundred day moving average of $56.90.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The business had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. During the same quarter last year, the firm earned $0.57 EPS. The business's revenue was down 26.8% compared to the same quarter last year. As a group, analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Thursday, May 22nd were issued a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 annualized dividend and a yield of 2.43%. Microchip Technology's dividend payout ratio (DPR) is presently -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.

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