Voya Financial Advisors Inc. Sells 704 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Voya Financial Advisors Inc. lessened its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 7.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,635 shares of the semiconductor company’s stock after selling 704 shares during the period. Voya Financial Advisors Inc.’s holdings in Microchip Technology were worth $696,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Prospera Private Wealth LLC acquired a new position in Microchip Technology in the third quarter worth $29,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the third quarter valued at about $34,000. Truvestments Capital LLC acquired a new position in Microchip Technology during the 3rd quarter worth about $34,000. Wolff Wiese Magana LLC grew its holdings in Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock worth $49,000 after acquiring an additional 218 shares during the last quarter. Finally, TruNorth Capital Management LLC bought a new stake in Microchip Technology during the 2nd quarter worth about $55,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Mizuho set a $95.00 target price on shares of Microchip Technology in a research note on Friday, October 18th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of Microchip Technology in a research report on Tuesday. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, November 6th. Citigroup lowered their target price on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.95.

Microchip Technology Stock Down 5.5 %

Shares of NASDAQ:MCHP opened at $58.25 on Friday. The company has a 50 day moving average price of $72.60 and a two-hundred day moving average price of $81.57. 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 $31.28 billion, a PE ratio of 40.73 and a beta of 1.50. Microchip Technology Incorporated has a 52 week low of $57.96 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The firm’s quarterly revenue was down 48.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 EPS. Analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid 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 3.12%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is presently 127.27%.

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.