Treasurer of the State of North Carolina Sells 60,007 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Treasurer of the State of North Carolina reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 20.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 233,209 shares of the semiconductor company’s stock after selling 60,007 shares during the period. Treasurer of the State of North Carolina’s holdings in Microchip Technology were worth $13,375,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Virtu Financial LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter worth about $491,000. Stock Yards Bank & Trust Co. grew its stake in Microchip Technology by 3.3% during the third quarter. Stock Yards Bank & Trust Co. now owns 11,517 shares of the semiconductor company’s stock worth $925,000 after buying an additional 368 shares during the last quarter. World Investment Advisors LLC increased its holdings in shares of Microchip Technology by 11.7% during the third quarter. World Investment Advisors LLC now owns 42,882 shares of the semiconductor company’s stock worth $3,443,000 after buying an additional 4,477 shares in the last quarter. Arvest Bank Trust Division bought a new position in shares of Microchip Technology in the third quarter valued at approximately $223,000. Finally, Wilmington Savings Fund Society FSB boosted its holdings in shares of Microchip Technology by 16.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 60,394 shares of the semiconductor company’s stock worth $4,849,000 after acquiring an additional 8,592 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $38.71 on Friday. The stock has a market cap of $20.82 billion, a PE ratio of 69.13 and a beta of 1.51. The stock has a 50-day moving average of $52.13 and a 200-day moving average of $61.03. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, sell-side 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 was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 4.70%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is presently 325.00%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MCHP shares. Mizuho raised their price target on Microchip Technology from $58.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Morgan Stanley cut their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Citigroup decreased their price objective on shares of Microchip Technology from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Friday. KeyCorp dropped their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Finally, B. Riley reissued a “buy” rating and set a $75.00 price target (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.68.

Microchip Technology Profile

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.