Retirement Systems of Alabama Sells 1,422 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Retirement Systems of Alabama reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 1.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,078 shares of the semiconductor company’s stock after selling 1,422 shares during the period. Retirement Systems of Alabama’s holdings in Microchip Technology were worth $9,606,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. XML Financial LLC boosted its stake in shares of Microchip Technology by 10.9% in the third quarter. XML Financial LLC now owns 2,645 shares of the semiconductor company’s stock valued at $206,000 after buying an additional 261 shares during the period. Parsons Capital Management Inc. RI bought a new stake in shares of Microchip Technology in the third quarter valued at approximately $317,000. Buck Wealth Strategies LLC boosted its stake in shares of Microchip Technology by 0.8% in the third quarter. Buck Wealth Strategies LLC now owns 69,806 shares of the semiconductor company’s stock valued at $5,448,000 after buying an additional 532 shares during the period. Corrado Advisors LLC bought a new stake in Microchip Technology during the third quarter worth $347,000. Finally, LGT Group Foundation lifted its stake in Microchip Technology by 5.5% during the third quarter. LGT Group Foundation now owns 44,229 shares of the semiconductor company’s stock worth $3,466,000 after purchasing an additional 2,287 shares during the last quarter. 90.85% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,324 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $83.44, for a total transaction of $193,914.56. Following the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,744,591.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

MCHP has been the subject of several recent analyst reports. Morgan Stanley cut their target price on Microchip Technology from $96.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, November 3rd. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Thursday, January 18th. Citigroup upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $100.00 price target for the company in a report on Wednesday, November 8th. KeyCorp lowered their price target on shares of Microchip Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, November 3rd. Finally, Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Microchip Technology in a report on Tuesday. Seven analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.00.

Read Our Latest Analysis on Microchip Technology

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $85.96 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.64 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average price of $87.07 and a two-hundred day moving average price of $82.85. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $94.30. The company has a market cap of $46.51 billion, a P/E ratio of 18.89, a PEG ratio of 1.45 and a beta of 1.67.

Microchip Technology (NASDAQ:MCHPGet Free Report) last released its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.01). The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.26 billion. Microchip Technology had a return on equity of 50.90% and a net margin of 28.14%. As a group, analysts anticipate that Microchip Technology Incorporated will post 5 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 6th. Stockholders of record on Wednesday, November 22nd were given a dividend of $0.439 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Tuesday, November 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.41. Microchip Technology’s dividend payout ratio is 38.68%.

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.

Featured Articles

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHPFree Report).

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

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.