Microchip Technology Incorporated (NASDAQ:MCHP) Shares Acquired by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,855 shares of the semiconductor company’s stock after buying an additional 784 shares during the period. Maryland State Retirement & Pension System’s holdings in Microchip Technology were worth $3,774,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MCHP. BKM Wealth Management LLC acquired a new position in shares of Microchip Technology during the fourth quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $29,000. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the third quarter worth approximately $26,000. Finally, Milestone Investment Advisors LLC bought a new position in Microchip Technology in the 3rd quarter worth approximately $36,000. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock traded down $1.55 on Tuesday, hitting $92.21. The company’s stock had a trading volume of 5,395,546 shares, compared to its average volume of 5,618,645. The firm has a market cap of $49.83 billion, a P/E ratio of 21.66, a price-to-earnings-growth ratio of 2.79 and a beta of 1.60. The company has a fifty day moving average price of $88.27 and a 200-day moving average price of $85.25. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $96.14. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.57. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company’s quarterly revenue was down 40.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.56 earnings per share. On average, equities analysts anticipate that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Wednesday, May 22nd will be issued a dividend of $0.452 per share. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 dividend on an annualized basis and a dividend yield of 1.96%. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Stifel Nicolaus increased their price target on Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Mizuho raised their target price on shares of Microchip Technology from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Tuesday. Wolfe Research upgraded shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday, January 18th. UBS Group boosted their target price on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, KeyCorp lifted their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and a consensus price target of $98.47.

Insider Activity

In other news, CFO James Eric Bjornholt sold 1,970 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the completion of the sale, the chief financial officer now owns 32,893 shares of the company’s stock, valued at $2,759,722.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

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.