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

Atlantic Union Bankshares Corp reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,622 shares of the semiconductor company’s stock after selling 1,383 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Microchip Technology were worth $1,950,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCHP. Halpern Financial Inc. grew its stake in shares of Microchip Technology by 83.5% during the second quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 132 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Microchip Technology during the third quarter valued at about $26,000. BKM Wealth Management LLC bought a new position in shares of Microchip Technology during the fourth quarter valued at about $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth about $29,000. Finally, Almanack Investment Partners LLC. bought a new stake in shares of Microchip Technology in the third quarter worth about $29,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ MCHP traded up $0.52 during mid-day trading on Friday, hitting $89.71. 3,688,779 shares of the company’s stock traded hands, compared to its average volume of 5,964,617. The company’s 50-day moving average is $86.38 and its two-hundred day moving average is $83.22. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The company has a market capitalization of $48.48 billion, a P/E ratio of 20.96, a PEG ratio of 1.59 and a beta of 1.65. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $94.30.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s revenue was down 18.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.48 EPS. On average, equities analysts anticipate that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is 42.06%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MCHP has been the topic of several recent analyst reports. UBS Group cut their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Susquehanna cut their target price on Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday, February 2nd. TD Cowen lifted their target price on shares of Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Finally, Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Thursday, January 18th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.33.

Microchip Technology Company 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.