Chevy Chase Trust Holdings Inc. Sells 9,017 Shares of Microchip Technology Inc. (MCHP)

Chevy Chase Trust Holdings Inc. lowered its position in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 4.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 194,423 shares of the semiconductor company’s stock after selling 9,017 shares during the quarter. Chevy Chase Trust Holdings Inc. owned 0.08% of Microchip Technology worth $15,342,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MCHP. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter valued at approximately $116,000. Psagot Investment House Ltd. acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $125,000. Canada Pension Plan Investment Board boosted its holdings in shares of Microchip Technology by 14,030.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,413 shares of the semiconductor company’s stock valued at $129,000 after buying an additional 1,403 shares during the last quarter. Spirit of America Management Corp NY boosted its holdings in shares of Microchip Technology by 95.2% in the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock valued at $162,000 after buying an additional 1,000 shares during the last quarter. Finally, Prospera Financial Services Inc acquired a new stake in shares of Microchip Technology in the 2nd quarter valued at approximately $200,000.

Shares of Microchip Technology stock opened at $62.29 on Tuesday. Microchip Technology Inc. has a 1 year low of $60.70 and a 1 year high of $104.20. The firm has a market cap of $14.69 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 0.68 and a beta of 1.10. The company has a debt-to-equity ratio of 1.96, a current ratio of 1.32 and a quick ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same quarter last year, the firm posted $1.31 EPS. The company’s quarterly revenue was up 24.7% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology Inc. will post 6.36 EPS for the current fiscal year.

MCHP has been the subject of several recent analyst reports. Nomura cut their price objective on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a report on Friday, August 10th. Raymond James downgraded Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price objective for the company. in a report on Tuesday, September 25th. Morgan Stanley cut their price objective on Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating for the company in a report on Wednesday, October 10th. KeyCorp initiated coverage on Microchip Technology in a report on Tuesday, September 25th. They issued a “sector weight” rating for the company. Finally, Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and cut their price objective for the company from $115.00 to $95.00 in a report on Monday, September 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $110.00.

In other Microchip Technology news, COO Ganesh Moorthy purchased 12,000 shares of the business’s stock in a transaction on Tuesday, August 14th. The stock was acquired at an average price of $84.10 per share, with a total value of $1,009,200.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 3,998 shares of the firm’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following the sale, the vice president now directly owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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

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