Microchip Technology Incorporated (NASDAQ:MCHP) Position Reduced by New York State Common Retirement Fund

New York State Common Retirement Fund cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 409,927 shares of the semiconductor company’s stock after selling 48,479 shares during the quarter. New York State Common Retirement Fund owned 0.08% of Microchip Technology worth $36,967,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MCHP. OFI Invest Asset Management purchased a new stake in Microchip Technology during the third quarter valued at about $26,000. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $27,000. Rakuten Securities Inc. acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $27,000. Fortitude Family Office LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at about $29,000. Finally, Milestone Investment Advisors LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $36,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MCHP shares. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Tuesday, January 30th. The Goldman Sachs Group dropped their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Truist Financial dropped their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Thursday, January 18th. Finally, Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $106.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $92.50.

Insider Buying and Selling

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

Microchip Technology Stock Up 5.2 %

MCHP opened at $90.68 on Thursday. The stock has a market capitalization of $49.00 billion, a price-to-earnings ratio of 21.19, a P/E/G ratio of 2.63 and a beta of 1.65. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30. The business has a 50 day moving average of $86.81 and a 200-day moving average of $84.50. The company has a current ratio of 0.98, a quick ratio of 0.58 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping the consensus estimate 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 return on equity of 45.59% and a net margin of 27.59%. Microchip Technology’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same period last year, the business earned $1.48 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were given a $0.45 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, February 22nd. Microchip Technology’s dividend payout ratio (DPR) is 42.06%.

About Microchip Technology

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.