Acadian Asset Management LLC Lowers Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Acadian Asset Management LLC lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 99.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,253 shares of the semiconductor company’s stock after selling 131,891 shares during the quarter. Acadian Asset Management LLC’s holdings in Microchip Technology were worth $112,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Optimum Investment Advisors purchased a new position in Microchip Technology during the first quarter worth approximately $29,000. Almanack Investment Partners LLC. acquired a new stake in shares of Microchip Technology during the 3rd quarter worth $29,000. Live Oak Investment Partners purchased a new position in shares of Microchip Technology in the 4th quarter worth $30,000. VitalStone Financial LLC acquired a new position in Microchip Technology in the first quarter valued at $38,000. Finally, Milestone Investment Advisors LLC purchased a new stake in Microchip Technology during the first quarter valued at about $39,000. 90.85% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Price Performance

Shares of MCHP stock opened at $84.71 on Tuesday. The firm has a fifty day moving average of $77.24 and a two-hundred day moving average of $80.89. The firm has a market cap of $45.83 billion, a P/E ratio of 18.62, a P/E/G ratio of 1.31 and a beta of 1.60. Microchip Technology Incorporated has a 1-year low of $67.69 and a 1-year high of $94.30. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.03 and a quick ratio of 0.64.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 6th. Shareholders of record on Wednesday, November 22nd will be paid a dividend of $0.439 per share. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $1.76 annualized dividend and a yield of 2.07%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.41. Microchip Technology’s dividend payout ratio is presently 38.46%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,363 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $78.63, for a total value of $185,802.69. Following the completion of the sale, the chief financial officer now directly owns 32,004 shares in the company, valued at approximately $2,516,474.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Morgan Stanley cut their price objective on Microchip Technology from $96.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, November 3rd. Mizuho reduced their price target on shares of Microchip Technology from $89.00 to $86.00 and set a “neutral” rating on the stock in a research report on Friday, August 4th. Needham & Company LLC decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, November 3rd. StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. Finally, KeyCorp decreased 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 report on Friday, November 3rd. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $94.13.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.