Victory Capital Management Inc. Trims Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Victory Capital Management Inc. lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 16.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 509,821 shares of the semiconductor company's stock after selling 100,705 shares during the period. Victory Capital Management Inc. owned about 0.09% of Microchip Technology worth $29,238,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. United Bank lifted its position in shares of Microchip Technology by 21.0% during the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company's stock worth $793,000 after buying an additional 1,712 shares in the last quarter. Verdence Capital Advisors LLC bought a new stake in Microchip Technology during the third quarter worth $449,000. Venturi Wealth Management LLC boosted its position in Microchip Technology by 5.7% in the third quarter. Venturi Wealth Management LLC now owns 8,190 shares of the semiconductor company's stock worth $658,000 after purchasing an additional 442 shares during the last quarter. Nations Financial Group Inc. IA ADV grew its stake in Microchip Technology by 3.6% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 28,479 shares of the semiconductor company's stock valued at $2,287,000 after purchasing an additional 1,001 shares during the period. Finally, Apollon Wealth Management LLC increased its position in shares of Microchip Technology by 0.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 26,475 shares of the semiconductor company's stock valued at $2,126,000 after purchasing an additional 218 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Remove Ads

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company's stock.

Microchip Technology Trading Up 0.6 %

NASDAQ:MCHP traded up $0.32 during trading hours on Wednesday, hitting $52.56. The company had a trading volume of 2,301,865 shares, compared to its average volume of 9,989,054. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a 50-day moving average price of $56.80 and a 200 day moving average price of $66.17. The company has a market capitalization of $28.27 billion, a PE ratio of 93.88 and a beta of 1.52. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is 325.00%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MCHP. Evercore ISI raised their price objective on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Needham & Company LLC lifted their price target on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a report on Tuesday, March 4th. Rosenblatt Securities reaffirmed a "buy" rating and set a $70.00 price objective on shares of Microchip Technology in a report on Tuesday, March 4th. KeyCorp cut their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating for the company in a report on Friday, February 7th. Finally, TD Cowen boosted their price objective on shares of Microchip Technology from $50.00 to $60.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.37.

Microchip Technology Company 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.