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

Victory Capital Management Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 610,526 shares of the semiconductor company’s stock after selling 101,717 shares during the quarter. Victory Capital Management Inc. owned 0.11% of Microchip Technology worth $49,019,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MCHP. Orion Portfolio Solutions LLC lifted its position in Microchip Technology by 3.9% during the 1st quarter. Orion Portfolio Solutions LLC now owns 27,296 shares of the semiconductor company’s stock worth $2,449,000 after buying an additional 1,021 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in Microchip Technology by 16.2% during the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 8,422 shares of the semiconductor company’s stock worth $756,000 after buying an additional 1,173 shares in the last quarter. First Foundation Advisors lifted its position in Microchip Technology by 19.5% during the 1st quarter. First Foundation Advisors now owns 5,290 shares of the semiconductor company’s stock worth $475,000 after buying an additional 864 shares in the last quarter. Nicolet Advisory Services LLC lifted its position in Microchip Technology by 38.3% during the 1st quarter. Nicolet Advisory Services LLC now owns 4,308 shares of the semiconductor company’s stock worth $395,000 after buying an additional 1,193 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in 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 buying an additional 1,921,497 shares in the last quarter. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $62.86 on Friday. The company has a 50 day moving average of $75.88 and a 200-day moving average of $84.33. Microchip Technology Incorporated has a 1-year low of $62.63 and a 1-year high of $100.57. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The company has a market cap of $33.76 billion, a PE ratio of 43.96 and a beta of 1.53.

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

Microchip Technology Increases Dividend

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

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value 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 approximately $2,710,445.50. This represents a 6.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. B. Riley cut their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. KeyCorp decreased their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. Finally, Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. One 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.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target 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.