TCV Trust & Wealth Management Inc. Sells 1,154 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

TCV Trust & Wealth Management Inc. reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% during the third quarter, HoldingsChannel.com reports. The firm owned 222,160 shares of the semiconductor company’s stock after selling 1,154 shares during the quarter. Microchip Technology makes up about 1.6% of TCV Trust & Wealth Management Inc.’s portfolio, making the stock its 18th largest holding. TCV Trust & Wealth Management Inc.’s holdings in Microchip Technology were worth $17,837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale grew its position in Microchip Technology by 6.1% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 269,062 shares of the semiconductor company’s stock valued at $21,545,000 after purchasing an additional 15,373 shares during the last quarter. Arkadios Wealth Advisors grew its holdings in shares of Microchip Technology by 74.6% during the third quarter. Arkadios Wealth Advisors now owns 6,214 shares of the semiconductor company’s stock valued at $499,000 after buying an additional 2,656 shares during the last quarter. Forsta AP Fonden increased its position in shares of Microchip Technology by 17.1% during the third quarter. Forsta AP Fonden now owns 111,800 shares of the semiconductor company’s stock valued at $8,976,000 after acquiring an additional 16,300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Microchip Technology by 12.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock worth $69,355,000 after acquiring an additional 93,464 shares during the last quarter. Finally, Parcion Private Wealth LLC lifted its position in Microchip Technology by 15.3% in the 3rd quarter. Parcion Private Wealth LLC now owns 98,765 shares of the semiconductor company’s stock valued at $7,930,000 after acquiring an additional 13,135 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on MCHP shares. StockNews.com raised Microchip Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 17th. Morgan Stanley downgraded Microchip Technology from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Citigroup lowered their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Piper Sandler upgraded shares of Microchip Technology from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $110.00 to $90.00 in a report on Friday, August 2nd. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.89.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $76.29 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock has a 50-day simple moving average of $77.93 and a two-hundred day simple moving average of $85.70. The firm has a market capitalization of $40.93 billion, a PE ratio of 21.99 and a beta of 1.52. Microchip Technology Incorporated has a 52-week low of $68.75 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the previous year, the company posted $1.56 EPS. The firm’s revenue was down 45.8% on a year-over-year basis. Analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.07% of the stock is currently owned by insiders.

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.