Holocene Advisors LP Sells 1,529,946 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Holocene Advisors LP decreased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 87.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 227,402 shares of the semiconductor company's stock after selling 1,529,946 shares during the quarter. Holocene Advisors LP's holdings in Microchip Technology were worth $18,258,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Prospera Private Wealth LLC bought a new position in shares of Microchip Technology during the 3rd quarter worth approximately $29,000. Peterson Financial Group Inc. purchased a new position in shares of Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC purchased a new position in shares of Microchip Technology during the 3rd quarter valued at $34,000. Wolff Wiese Magana LLC grew its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after purchasing an additional 218 shares in the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in shares of Microchip Technology during the 2nd quarter worth $55,000. Institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MCHP shares. Susquehanna dropped their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a report on Wednesday, November 6th. Truist Financial lowered 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 research report on Monday, September 23rd. Stifel Nicolaus cut their price target on shares of Microchip Technology from $90.00 to $87.00 and set a "buy" rating for the company in a research report on Tuesday. KeyCorp cut their price target on shares of Microchip Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Rosenblatt Securities restated a "buy" rating and set a $90.00 price target on shares of Microchip Technology in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $90.95.

Microchip Technology Stock Down 5.7 %

Shares of NASDAQ:MCHP traded down $3.75 during trading on Wednesday, reaching $61.64. 13,621,167 shares of the stock traded hands, compared to its average volume of 6,131,695. The stock has a 50-day moving average of $73.04 and a two-hundred day moving average of $81.73. Microchip Technology Incorporated has a 52-week low of $61.07 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The stock has a market cap of $33.10 billion, a P/E ratio of 43.11 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter last year, the company posted $1.54 earnings per share. The firm's quarterly revenue was down 48.4% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 2.95%. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio (DPR) is currently 127.27%.

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.