Sanctuary Advisors LLC Sells 90,550 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Sanctuary Advisors LLC lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 59.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,620 shares of the semiconductor company's stock after selling 90,550 shares during the quarter. Sanctuary Advisors LLC's holdings in Microchip Technology were worth $4,947,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Stock Yards Bank & Trust Co. increased its stake in shares of Microchip Technology by 3.3% during the third quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company's stock valued at $925,000 after purchasing an additional 368 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Microchip Technology in the 3rd quarter worth approximately $491,000. TD Private Client Wealth LLC increased its holdings in Microchip Technology by 5.6% during the third quarter. TD Private Client Wealth LLC now owns 33,175 shares of the semiconductor company's stock valued at $2,664,000 after buying an additional 1,760 shares during the last quarter. Hobbs Group Advisors LLC raised its holdings in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock worth $50,000 after purchasing an additional 500 shares during the period. Finally, Coldstream Capital Management Inc. increased its position in Microchip Technology by 2.4% in the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company's stock worth $878,000 after buying an additional 260 shares in the last quarter. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on MCHP shares. Rosenblatt Securities reiterated a "buy" rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Jefferies Financial Group lowered their target price on shares of Microchip Technology from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Piper Sandler lowered their target price on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $80.00 to $65.00 in a research note on Monday. Finally, StockNews.com raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $89.63.

Microchip Technology Trading Down 1.4 %

Shares of Microchip Technology stock traded down $0.85 on Monday, reaching $59.08. 11,747,733 shares of the company were exchanged, compared to its average volume of 6,226,453. The stock has a fifty day moving average price of $70.49 and a 200-day moving average price of $79.80. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a fifty-two week low of $57.94 and a fifty-two week high of $100.57. The firm has a market capitalization of $31.73 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the previous year, the firm earned $1.54 EPS. The firm's revenue was down 48.4% compared to the same quarter last year. On average, analysts expect that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were paid a $0.455 dividend. The ex-dividend date was Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.08%. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio is 127.27%.

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.