Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its position in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 7.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 159,718 shares of the semiconductor company’s stock after buying an additional 10,500 shares during the quarter. State of Michigan Retirement System’s holdings in Microchip Technology were worth $14,403,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCHP. Halpern Financial Inc. grew its position in Microchip Technology by 83.5% during the second quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 132 shares during the period. OFI Invest Asset Management acquired a new stake in Microchip Technology during the third quarter valued at $26,000. BKM Wealth Management LLC purchased a new position in Microchip Technology during the fourth quarter valued at $27,000. Fortitude Family Office LLC purchased a new position in Microchip Technology during the fourth quarter valued at $29,000. Finally, Almanack Investment Partners LLC. purchased a new position in Microchip Technology during the third quarter valued at $29,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of Microchip Technology stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the transaction, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Microchip Technology Trading Down 2.0 %

Shares of MCHP stock opened at $87.98 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market capitalization of $47.54 billion, a P/E ratio of 20.56, a price-to-earnings-growth ratio of 2.74 and a beta of 1.65. The company has a 50 day moving average price of $86.36 and a 200 day moving average price of $83.42. Microchip Technology Incorporated has a fifty-two week low of $68.75 and a fifty-two week high of $94.30.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.48 earnings per share. Equities research analysts predict that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were issued a $0.45 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 42.06%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MCHP shares. Piper Sandler downgraded shares of Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective on the stock. in a report on Thursday, January 4th. StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Susquehanna reduced their target price on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating on the stock in a research note on Friday, February 2nd. UBS Group reduced their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Finally, Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research note on Thursday, January 18th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and an average price target of $91.33.

Get Our Latest Stock Report on MCHP

Microchip Technology Profile

(Free Report)

Microchip Technology Incorporated develops, manufactures, and sells 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 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.

Further Reading

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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