Kingsview Wealth Management LLC Trims Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Kingsview Wealth Management LLC decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 91.3% during the fourth quarter, HoldingsChannel.com reports. The firm owned 9,540 shares of the semiconductor company’s stock after selling 100,181 shares during the period. Kingsview Wealth Management LLC’s holdings in Microchip Technology were worth $547,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in MCHP. CX Institutional boosted its position in shares of Microchip Technology by 6.4% in the third quarter. CX Institutional now owns 12,902 shares of the semiconductor company’s stock valued at $1,036,000 after acquiring an additional 776 shares during the period. Creative Planning lifted its stake in Microchip Technology by 0.6% in the 3rd quarter. Creative Planning now owns 116,549 shares of the semiconductor company’s stock worth $9,358,000 after purchasing an additional 719 shares in the last quarter. Swedbank AB boosted its holdings in Microchip Technology by 62.3% in the 3rd quarter. Swedbank AB now owns 34,885 shares of the semiconductor company’s stock valued at $2,801,000 after purchasing an additional 13,392 shares during the period. Vontobel Holding Ltd. boosted its holdings in Microchip Technology by 24.4% in the 3rd quarter. Vontobel Holding Ltd. now owns 67,532 shares of the semiconductor company’s stock valued at $5,422,000 after purchasing an additional 13,245 shares during the period. Finally, Indiana Trust & Investment Management Co grew its position in shares of Microchip Technology by 25.0% during the 3rd quarter. Indiana Trust & Investment Management Co now owns 1,249 shares of the semiconductor company’s stock valued at $100,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

MCHP has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Susquehanna lowered their price target on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a report on Wednesday, November 6th. Piper Sandler reissued an “overweight” rating and set a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Rosenblatt Securities restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Thursday, February 6th. Finally, StockNews.com lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Trading Up 2.4 %

NASDAQ MCHP opened at $53.85 on Thursday. The stock has a 50-day moving average of $57.09 and a 200-day moving average of $69.25. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 1-year low of $50.21 and a 1-year high of $100.57. The firm has a market cap of $28.96 billion, a PE ratio of 96.16 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.41%. As a group, sell-side analysts forecast that Microchip Technology Incorporated will post 1.3 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

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.