Atria Investments Inc Decreases Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Atria Investments Inc reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 27.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 73,314 shares of the semiconductor company's stock after selling 28,029 shares during the quarter. Atria Investments Inc's holdings in Microchip Technology were worth $5,886,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Microchip Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company's stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the period. Principal Financial Group Inc. grew its position in Microchip Technology by 0.4% in the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company's stock worth $846,046,000 after purchasing an additional 33,603 shares during the period. Van ECK Associates Corp grew its position in Microchip Technology by 25.1% in the 3rd quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company's stock worth $599,239,000 after purchasing an additional 1,597,263 shares during the period. Boston Partners grew its position in Microchip Technology by 10.7% in the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company's stock worth $681,838,000 after purchasing an additional 736,818 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company's stock worth $406,182,000 after purchasing an additional 673,992 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MCHP shares. StockNews.com downgraded shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. TD Cowen decreased their price target on shares of Microchip Technology from $80.00 to $70.00 and set a "hold" rating on the stock in a research note on Wednesday, November 6th. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Truist Financial downgraded shares of Microchip Technology from a "buy" rating to a "hold" rating and cut their price target for the company from $89.00 to $80.00 in a report on Monday, September 23rd. Finally, Evercore ISI reiterated an "outperform" rating and set a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $92.00.

Microchip Technology Stock Down 3.7 %

Shares of MCHP traded down $2.58 during mid-day trading on Tuesday, hitting $67.30. The company's stock had a trading volume of 9,799,299 shares, compared to its average volume of 5,988,125. The company's 50-day moving average is $76.49 and its 200-day moving average is $84.77. Microchip Technology Incorporated has a 52-week low of $66.08 and a 52-week high of $100.57. The firm has a market capitalization of $36.14 billion, a price-to-earnings ratio of 48.87 and a beta of 1.53. The company has a current ratio of 0.88, a quick ratio of 1.08 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the prior year, the company posted $1.54 earnings per share. Microchip Technology's revenue for the quarter was down 48.4% compared to the same quarter last year. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.69 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.70%. Microchip Technology's dividend payout ratio is presently 127.27%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is currently owned by corporate insiders.

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.