Trust Co. of Virginia VA Has $20.02 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Trust Co. of Virginia VA cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 223,175 shares of the semiconductor company’s stock after selling 6,292 shares during the quarter. Microchip Technology makes up 1.9% of Trust Co. of Virginia VA’s portfolio, making the stock its 11th largest position. Trust Co. of Virginia VA’s holdings in Microchip Technology were worth $20,021,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCHP. Principal Financial Group Inc. increased its position in Microchip Technology by 0.9% in the fourth quarter. Principal Financial Group Inc. now owns 9,279,166 shares of the semiconductor company’s stock worth $836,795,000 after purchasing an additional 87,203 shares during the period. Norges Bank bought a new stake in Microchip Technology during the 4th quarter worth about $672,196,000. Van ECK Associates Corp raised its holdings in Microchip Technology by 16.0% during the 4th quarter. Van ECK Associates Corp now owns 5,177,014 shares of the semiconductor company’s stock worth $466,863,000 after purchasing an additional 714,376 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Microchip Technology by 1.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,881,646 shares of the semiconductor company’s stock worth $259,867,000 after purchasing an additional 51,249 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its holdings in Microchip Technology by 3.7% during the 4th quarter. Rafferty Asset Management LLC now owns 2,755,496 shares of the semiconductor company’s stock worth $248,491,000 after purchasing an additional 98,914 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Stock Performance

NASDAQ MCHP traded up $2.07 on Friday, reaching $91.50. The stock had a trading volume of 13,568,641 shares, compared to its average volume of 6,205,653. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67. The firm has a fifty day moving average of $93.02 and a two-hundred day moving average of $89.10. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a market cap of $49.13 billion, a P/E ratio of 26.37 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the prior year, the firm posted $1.56 EPS. The company’s revenue for the quarter was down 40.6% on a year-over-year basis. On average, equities research analysts anticipate that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Tuesday, May 21st. Microchip Technology’s dividend payout ratio is 52.16%.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several analyst reports. Piper Sandler restated a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of Microchip Technology in a research report on Tuesday, May 7th. The Goldman Sachs Group boosted their target price on Microchip Technology from $77.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 7th. Jefferies Financial Group initiated coverage on Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 target price for the company. B. Riley boosted their target price on Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Finally, Needham & Company LLC boosted their target price on Microchip Technology from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.06.

Insider Transactions at Microchip Technology

In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James Eric Bjornholt sold 3,188 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total value of $318,736.24. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at $3,325,034.86. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,993 shares of company stock valued at $2,251,857. 2.07% of the stock is owned by corporate insiders.

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.