Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Sanctuary Advisors LLC

Sanctuary Advisors LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 59.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,620 shares of the semiconductor company’s stock after selling 90,550 shares during the quarter. Sanctuary Advisors LLC’s holdings in Microchip Technology were worth $4,947,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MCHP. SeaCrest Wealth Management LLC boosted its holdings in shares of Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after purchasing an additional 131 shares during the last quarter. Corundum Group Inc. raised its holdings in shares of Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after purchasing an additional 143 shares during the period. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares in the last quarter. Busey Bank lifted its stake in shares of Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after purchasing an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management increased its position in Microchip Technology by 1.5% during the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MCHP has been the topic of several recent research reports. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. 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. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Piper Sandler decreased their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup dropped their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.95.

Microchip Technology Trading Down 2.6 %

Shares of NASDAQ MCHP opened at $59.93 on Monday. 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 $32.18 billion, a price-to-earnings ratio of 41.91 and a beta of 1.50. Microchip Technology Incorporated has a 12-month low of $57.96 and a 12-month high of $100.57. The stock’s 50 day simple moving average is $70.49 and its 200 day simple moving average is $79.80.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business 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 for the quarter was down 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.54 EPS. Equities research analysts expect that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Friday, November 22nd were given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.04%. Microchip Technology’s dividend payout ratio (DPR) 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.