Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 69.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,542 shares of the semiconductor company’s stock after selling 28,296 shares during the period. Illinois Municipal Retirement Fund’s holdings in Microchip Technology were worth $719,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MCHP. IFP Advisors Inc boosted its stake in Microchip Technology by 6.5% during the 4th quarter. IFP Advisors Inc now owns 5,579 shares of the semiconductor company’s stock worth $323,000 after purchasing an additional 340 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Microchip Technology in the fourth quarter worth about $2,994,000. South Dakota Investment Council boosted its position in Microchip Technology by 181.1% during the fourth quarter. South Dakota Investment Council now owns 185,665 shares of the semiconductor company’s stock worth $10,648,000 after acquiring an additional 119,604 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Microchip Technology by 3.0% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 107,933 shares of the semiconductor company’s stock valued at $6,190,000 after acquiring an additional 3,100 shares in the last quarter. Finally, Howard Capital Management Inc. raised its holdings in Microchip Technology by 3.0% in the 4th quarter. Howard Capital Management Inc. now owns 15,393 shares of the semiconductor company’s stock valued at $883,000 after acquiring an additional 455 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 1.5 %

MCHP opened at $57.95 on Tuesday. Microchip Technology Incorporated has a 52 week low of $50.21 and a 52 week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The business has a fifty day simple moving average of $56.94 and a 200-day simple moving average of $67.20. The firm has a market cap of $31.17 billion, a P/E ratio of 103.48 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is currently 325.00%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Evercore ISI restated an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Raymond James reissued a “strong-buy” rating and set a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Jefferies Financial Group dropped their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. TD Cowen reduced their price target on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Finally, The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $72.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.11.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by insiders.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of 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 mixed-signal 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.