Victory Capital Management Inc. Has $49.02 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Victory Capital Management Inc. reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 14.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 610,526 shares of the semiconductor company’s stock after selling 101,717 shares during the period. Victory Capital Management Inc.’s holdings in Microchip Technology were worth $49,019,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MCHP. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology during the first quarter worth $39,000. Versant Capital Management Inc increased its position in shares of Microchip Technology by 148.8% during the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after buying an additional 317 shares during the period. Wolff Wiese Magana LLC increased its position in shares of Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after buying an additional 218 shares during the period. TruNorth Capital Management LLC acquired a new stake in shares of Microchip Technology during the second quarter worth $55,000. Finally, Family Firm Inc. acquired a new stake in shares of Microchip Technology during the second quarter worth $62,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MCHP. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Citigroup reduced their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Jefferies Financial Group reduced their price target on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Finally, Needham & Company LLC reduced their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a 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 given a buy rating to the company. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is owned by company insiders.

Microchip Technology Price Performance

Shares of NASDAQ MCHP opened at $62.86 on Friday. The company has a market capitalization of $33.76 billion, a PE 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 $75.88 and its 200-day moving average price is $84.33. Microchip Technology Incorporated has a twelve month low of $62.63 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s revenue was down 48.4% compared to the same quarter last year. During the same period last year, the firm posted $1.54 EPS. On average, equities analysts anticipate 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. Investors of record on Friday, November 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is 127.27%.

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.