State Treasurer State of Michigan cut its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 59.3% during the first quarter, HoldingsChannel reports. The firm owned 68,272 shares of the semiconductor company’s stock after selling 99,400 shares during the quarter. State Treasurer State of Michigan’s holdings in Microchip Technology were worth $5,664,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of MCHP. Vanguard Group Inc increased its stake in Microchip Technology by 0.9% in the 3rd quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock worth $2,070,312,000 after acquiring an additional 237,329 shares during the last quarter. Northern Trust Corp increased its stake in Microchip Technology by 3.8% in the 4th quarter. Northern Trust Corp now owns 3,306,865 shares of the semiconductor company’s stock worth $237,828,000 after acquiring an additional 121,647 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Microchip Technology by 4.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,164,119 shares of the semiconductor company’s stock worth $227,564,000 after acquiring an additional 134,749 shares during the last quarter. Norges Bank bought a new stake in Microchip Technology in the 4th quarter worth approximately $155,541,000. Finally, Oregon Public Employees Retirement Fund increased its stake in Microchip Technology by 7,043.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,841,512 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 1,815,732 shares during the last quarter.
In other news, Director Matthew W. Chapman sold 4,660 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $91.04, for a total transaction of $424,246.40. Following the transaction, the director now owns 19,080 shares of the company’s stock, valued at approximately $1,737,043.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP James Eric Bjornholt sold 2,356 shares of the business’s stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $89.24, for a total value of $210,249.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,516 shares of company stock worth $931,366. Corporate insiders own 2.13% of the company’s stock.
NASDAQ MCHP opened at $84.66 on Thursday. The company has a market cap of $20.06 billion, a PE ratio of 13.92, a P/E/G ratio of 1.11 and a beta of 1.31. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology Inc. has a fifty-two week low of $60.70 and a fifty-two week high of $104.20.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.40 by $0.08. The firm 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 29.27% and a net margin of 6.65%. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 EPS. On average, equities analysts expect that Microchip Technology Inc. will post 5.61 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.3655 per share. The ex-dividend date is Monday, May 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.73%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s payout ratio is currently 24.01%.
MCHP has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Monday, February 11th. BidaskClub raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. TheStreet raised Microchip Technology from a “c+” rating to a “b-” rating in a research note on Thursday, February 21st. BMO Capital Markets reduced their price objective on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, May 9th. Finally, Mizuho lifted their price objective on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $104.32.
Microchip Technology Profile
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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