Victory Capital Management Inc. Sells 101,717 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Victory Capital Management Inc. lessened its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 14.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 610,526 shares of the semiconductor company's stock after selling 101,717 shares during the quarter. Victory Capital Management Inc. owned approximately 0.11% of Microchip Technology worth $49,019,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Orion Portfolio Solutions LLC grew its holdings in Microchip Technology by 3.9% in the 1st quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company's stock valued at $2,449,000 after buying an additional 1,021 shares in the last quarter. Dorsey & Whitney Trust CO LLC increased its position in Microchip Technology by 16.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 8,422 shares of the semiconductor company's stock worth $756,000 after acquiring an additional 1,173 shares during the period. First Foundation Advisors raised its stake in Microchip Technology by 19.5% in the 1st quarter. First Foundation Advisors now owns 5,290 shares of the semiconductor company's stock worth $475,000 after purchasing an additional 864 shares in the last quarter. Nicolet Advisory Services LLC boosted its holdings in Microchip Technology by 38.3% in the 1st quarter. Nicolet Advisory Services LLC now owns 4,308 shares of the semiconductor company's stock valued at $395,000 after purchasing an additional 1,193 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company's stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

MCHP stock traded down $2.74 during midday trading on Friday, hitting $62.86. The company's stock had a trading volume of 9,280,916 shares, compared to its average volume of 6,008,075. The stock has a market cap of $33.76 billion, a price-to-earnings ratio of 43.96 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock's 50-day moving average price is $75.65 and its 200 day moving average price is $84.12. Microchip Technology Incorporated has a 1 year low of $62.63 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping 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 for the quarter, compared to analysts' expectations of $1.15 billion. During the same quarter in the previous year, the firm posted $1.54 EPS. Microchip Technology's revenue was down 48.4% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a $0.455 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This is a boost from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.90%. Microchip Technology's payout ratio is 127.27%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Jefferies Financial Group cut their price target on Microchip Technology from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, November 6th. Susquehanna cut their target price on Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research report on Wednesday, November 6th. Piper Sandler reduced their target price on Microchip Technology from $100.00 to $85.00 and set an "overweight" rating on the stock in a report on Wednesday, November 6th. Truist Financial cut shares of Microchip Technology from a "buy" rating to a "hold" rating and cut their price objective for the stock from $89.00 to $80.00 in a research report on Monday, September 23rd. Finally, Citigroup decreased their target price on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average target price of $92.00.

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.