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

State of Michigan Retirement System increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 7.0% in the fourth quarter, Holdings Channel reports. The firm owned 159,718 shares of the semiconductor company’s stock after acquiring an additional 10,500 shares during the period. State of Michigan Retirement System’s holdings in Microchip Technology were worth $14,403,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Aspire Private Capital LLC grew its position in Microchip Technology by 3.2% in the fourth quarter. Aspire Private Capital LLC now owns 3,904 shares of the semiconductor company’s stock valued at $274,266,959,000 after acquiring an additional 120 shares in the last quarter. Balentine LLC grew its position in Microchip Technology by 1.0% in the second quarter. Balentine LLC now owns 12,656 shares of the semiconductor company’s stock valued at $1,134,000 after acquiring an additional 122 shares in the last quarter. Bleakley Financial Group LLC grew its position in Microchip Technology by 1.3% in the second quarter. Bleakley Financial Group LLC now owns 9,360 shares of the semiconductor company’s stock valued at $839,000 after acquiring an additional 124 shares in the last quarter. Twelve Points Wealth Management LLC grew its position in Microchip Technology by 1.0% in the fourth quarter. Twelve Points Wealth Management LLC now owns 12,229 shares of the semiconductor company’s stock valued at $1,103,000 after acquiring an additional 125 shares in the last quarter. Finally, Halpern Financial Inc. grew its position in Microchip Technology by 83.5% in the second quarter. Halpern Financial Inc. now owns 290 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 132 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP opened at $87.98 on Wednesday. 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 $47.54 billion, a price-to-earnings ratio of 20.56, a price-to-earnings-growth ratio of 2.74 and a beta of 1.65. 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 firm has a fifty day moving average of $86.36 and a 200-day moving average of $83.42.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the previous year, the company posted $1.48 earnings per share. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. As a group, 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 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 annualized dividend and a yield of 2.05%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. Corporate insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MCHP shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $94.00 price objective on shares of Microchip Technology in a research report on Thursday, March 14th. TD Cowen raised their price target on shares of Microchip Technology from $75.00 to $80.00 and gave the stock a “market perform” rating in a research report on Friday, February 2nd. Wolfe Research raised shares of Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 price target for the company in a research report on Thursday, January 18th. Needham & Company LLC raised their price target on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 29th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.33.

Check Out Our Latest Research Report on MCHP

About Microchip Technology

(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

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.