Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 19.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,348 shares of the semiconductor company's stock after selling 13,020 shares during the period. Rockefeller Capital Management L.P.'s holdings in Microchip Technology were worth $4,448,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MCHP. Cetera Advisors LLC raised its position in shares of Microchip Technology by 294.0% in the 1st quarter. Cetera Advisors LLC now owns 22,416 shares of the semiconductor company's stock worth $2,011,000 after acquiring an additional 16,726 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new position in shares of Microchip Technology in the 2nd quarter worth approximately $243,000. CWM LLC raised its stake in shares of Microchip Technology by 37.2% during the 2nd quarter. CWM LLC now owns 32,552 shares of the semiconductor company's stock worth $2,979,000 after acquiring an additional 8,828 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in Microchip Technology by 3.1% in the second quarter. Valeo Financial Advisors LLC now owns 10,904 shares of the semiconductor company's stock valued at $998,000 after acquiring an additional 323 shares in the last quarter. Finally, Simplicity Wealth LLC grew its holdings in Microchip Technology by 5.1% in the second quarter. Simplicity Wealth LLC now owns 18,071 shares of the semiconductor company's stock worth $1,653,000 after purchasing an additional 876 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Performance

MCHP traded down $2.74 during trading on Thursday, hitting $58.90. The stock had a trading volume of 7,233,277 shares, compared to its average volume of 6,134,965. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a twelve month low of $58.89 and a twelve month high of $100.57. The company's 50-day moving average price is $73.04 and its 200 day moving average price is $81.73. The firm has a market capitalization of $31.63 billion, a P/E ratio of 43.11 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business's revenue was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.54 EPS. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal 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 given a dividend of $0.455 per share. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $1.82 annualized dividend and a yield of 3.09%. Microchip Technology's dividend payout ratio (DPR) is presently 127.27%.

Analysts Set New Price Targets

A number of research firms recently commented on MCHP. Evercore ISI reiterated an "outperform" rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. Stifel Nicolaus dropped their target price on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, November 6th. StockNews.com downgraded Microchip Technology from a "hold" rating to a "sell" rating in a research report on Thursday, November 7th. Finally, Mizuho set a $95.00 target price on Microchip Technology in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $90.95.

Microchip Technology Company 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.