TD Asset Management Inc. Sells 139,637 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

TD Asset Management Inc. cut its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,576,900 shares of the semiconductor company’s stock after selling 139,637 shares during the quarter. TD Asset Management Inc.’s holdings in Microchip Technology were worth $90,435,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. United Bank grew its position in 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 purchasing an additional 1,712 shares during the period. Swedbank AB boosted its stake in shares of 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 buying an additional 13,392 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of 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 acquiring an additional 1,053 shares during the period. Summit Trail Advisors LLC increased its position in Microchip Technology by 16.3% during the third quarter. Summit Trail Advisors LLC now owns 5,241 shares of the semiconductor company’s stock valued at $421,000 after acquiring an additional 736 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased 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 acquiring an additional 32,967 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 0.4 %

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’s 50 day moving average price is $55.94 and its 200-day moving average price is $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. The stock has a market cap of $28.06 billion, a P/E ratio of 93.16 and a beta of 1.52.

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

Microchip Technology Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Needham & Company LLC boosted their price target on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and cut their target price for the company from $80.00 to $65.00 in a research report on Monday, December 16th. Mizuho increased their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Stifel Nicolaus cut their price objective on shares of Microchip Technology from $90.00 to $87.00 and set a “buy” rating for the company in a research report on Tuesday, December 3rd. Finally, TD Cowen upped their price objective on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.37.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction 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 transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology 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.