Wellington Management Group LLP Sells 307,403 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Wellington Management Group LLP lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 6.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,631,026 shares of the semiconductor company's stock after selling 307,403 shares during the period. Wellington Management Group LLP owned approximately 0.86% of Microchip Technology worth $371,825,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

MCHP has been the subject of several analyst reports. StockNews.com cut shares of Microchip Technology from a "hold" rating to a "sell" rating in a research note on Thursday, November 7th. Susquehanna decreased their price objective on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating for the company in a research report on Wednesday, November 6th. Rosenblatt Securities restated a "buy" rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a "buy" rating and issued a $85.00 target price on shares of Microchip Technology in a research note on Tuesday, December 3rd. Finally, Citigroup lowered their price target on Microchip Technology from $92.00 to $82.00 and set a "buy" rating on the stock in a research 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 issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $90.95.

Microchip Technology Stock Performance

NASDAQ:MCHP traded up $1.04 during mid-day trading on Friday, reaching $59.29. 8,676,903 shares of the company's stock were exchanged, compared to its average volume of 7,666,826. 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 firm has a market capitalization of $31.84 billion, a PE ratio of 41.46 and a beta of 1.50. Microchip Technology Incorporated has a one year low of $57.96 and a one year high of $100.57. The business's fifty day simple moving average is $72.17 and its two-hundred day simple moving average is $81.21.

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

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend was Friday, November 22nd. Microchip Technology's dividend payout ratio is 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.