Holocene Advisors LP Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Holocene Advisors LP cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 87.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 227,402 shares of the semiconductor company’s stock after selling 1,529,946 shares during the period. Holocene Advisors LP’s holdings in Microchip Technology were worth $18,258,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in Microchip Technology by 0.4% in the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after buying an additional 33,603 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Microchip Technology by 25.1% in the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares during the period. Legal & General Group Plc grew its stake in shares of Microchip Technology by 2.4% in the second quarter. Legal & General Group Plc now owns 4,455,317 shares of the semiconductor company’s stock worth $407,660,000 after acquiring an additional 103,807 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Microchip Technology by 21.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,298,771 shares of the semiconductor company’s stock worth $301,797,000 after acquiring an additional 575,087 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Microchip Technology by 4.5% in the second quarter. Envestnet Asset Management Inc. now owns 3,164,101 shares of the semiconductor company’s stock worth $289,515,000 after acquiring an additional 136,995 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research analyst reports. TD Cowen reduced their price target on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. 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. Mizuho set a $95.00 price target on shares of Microchip Technology in a research note on Friday, October 18th. KeyCorp reduced their price target on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Citigroup cut their target price on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. One 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.95.

Microchip Technology Price Performance

MCHP stock opened at $65.39 on Wednesday. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57. The company’s fifty day moving average price is $73.33 and its 200-day moving average price is $81.88. 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 company has a market capitalization of $35.12 billion, a PE ratio of 45.73 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the firm earned $1.54 earnings per share. The company’s quarterly revenue was down 48.4% compared to the same quarter last year. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.78%. Microchip Technology’s dividend payout ratio is presently 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.