TD Asset Management Inc. Cuts Position in Microchip Technology Incorporated (NASDAQ:MCHP)

TD Asset Management Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,576,900 shares of the semiconductor company’s stock after selling 139,637 shares during the period. TD Asset Management Inc. owned approximately 0.29% of Microchip Technology worth $90,435,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. United Bank lifted its holdings in shares of Microchip Technology by 21.0% in the 3rd quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock worth $793,000 after acquiring an additional 1,712 shares during the last quarter. Swedbank AB raised its position in Microchip Technology by 62.3% in the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock worth $2,801,000 after purchasing an additional 13,392 shares during the period. Larson Financial Group LLC lifted its stake in Microchip Technology by 55.9% in the third quarter. Larson Financial Group LLC now owns 2,938 shares of the semiconductor company’s stock worth $236,000 after purchasing an additional 1,053 shares during the last quarter. Summit Trail Advisors LLC lifted its stake in Microchip Technology by 16.3% in the third quarter. Summit Trail Advisors LLC now owns 5,241 shares of the semiconductor company’s stock worth $421,000 after purchasing an additional 736 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in Microchip Technology by 65.8% during the third quarter. Loomis Sayles & Co. L P now owns 83,098 shares of the semiconductor company’s stock valued at $6,672,000 after buying an additional 32,967 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MCHP shares. TD Cowen boosted their target price on Microchip Technology from $50.00 to $60.00 and gave the company a “hold” rating in a research note on Tuesday, March 4th. Raymond James reiterated a “strong-buy” rating and issued a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. The Goldman Sachs Group cut their target price on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, January 10th. Morgan Stanley lowered their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Finally, Evercore ISI raised their price target on shares of Microchip Technology from $65.00 to $71.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Microchip Technology Stock Down 0.4 %

Shares of Microchip Technology stock opened at $52.17 on Thursday. Microchip Technology Incorporated has a 1 year low of $49.92 and a 1 year high of $100.57. The firm has a market cap of $28.06 billion, a price-to-earnings ratio of 93.16 and a beta of 1.52. The company has a 50-day moving average of $55.94 and a 200 day moving average of $64.26. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.49%. Microchip Technology’s payout ratio is presently 325.00%.

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.