Pacer Advisors Inc. Trims Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Pacer Advisors Inc. reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 9.0% during the 3rd quarter, Holdings Channel reports. The fund owned 91,282 shares of the semiconductor company’s stock after selling 9,005 shares during the period. Pacer Advisors Inc.’s holdings in Microchip Technology were worth $7,329,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Landscape Capital Management L.L.C. acquired a new position in Microchip Technology during the third quarter valued at $218,000. Citizens Financial Group Inc. RI lifted its holdings in shares of Microchip Technology by 22.9% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 11,949 shares of the semiconductor company’s stock valued at $959,000 after buying an additional 2,224 shares during the period. First Horizon Advisors Inc. grew its holdings in Microchip Technology by 11.5% during the third quarter. First Horizon Advisors Inc. now owns 3,651 shares of the semiconductor company’s stock worth $293,000 after acquiring an additional 378 shares during the period. Advisors Asset Management Inc. raised its position in Microchip Technology by 7.8% during the third quarter. Advisors Asset Management Inc. now owns 34,522 shares of the semiconductor company’s stock valued at $2,772,000 after acquiring an additional 2,512 shares in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its holdings in Microchip Technology by 66.5% in the third quarter. Segall Bryant & Hamill LLC now owns 184,748 shares of the semiconductor company’s stock valued at $14,833,000 after acquiring an additional 73,816 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MCHP shares. Susquehanna cut their target price on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Needham & Company LLC decreased their price objective on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. JPMorgan Chase & Co. dropped their target price on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. B. Riley cut their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, August 2nd. Finally, StockNews.com downgraded Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.00.

Microchip Technology Stock Up 1.0 %

NASDAQ MCHP opened at $66.69 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 52 week low of $62.63 and a 52 week high of $100.57. The business’s fifty day simple moving average is $74.59 and its 200-day simple moving average is $83.17. The firm has a market cap of $35.81 billion, a PE ratio of 46.64 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. Microchip Technology’s revenue was down 48.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.54 EPS. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Shareholders 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 represents a $1.82 dividend on an annualized basis and a yield of 2.73%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 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.