New York State Common Retirement Fund Has $36.97 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

New York State Common Retirement Fund decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.6% during the 4th quarter, Holdings Channel reports. The firm owned 409,927 shares of the semiconductor company’s stock after selling 48,479 shares during the period. New York State Common Retirement Fund’s holdings in Microchip Technology were worth $36,967,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Horizon Bancorp Inc. IN acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $110,000. Rockline Wealth Management LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $4,449,000. 17 Capital Partners LLC acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $1,827,000. AIA Group Ltd increased its holdings in shares of Microchip Technology by 80.4% during the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares during the last quarter. Finally, GAM Holding AG increased its holdings in shares of Microchip Technology by 13.9% during the 4th quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after acquiring an additional 17,776 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on MCHP shares. TD Cowen upped their price objective on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a report on Friday, February 2nd. Truist Financial decreased their price objective on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, January 9th. UBS Group decreased their price objective on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. The Goldman Sachs Group decreased their price objective on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Finally, Stifel Nicolaus upped their price objective on Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Microchip Technology Price Performance

Shares of MCHP stock opened at $90.68 on Thursday. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30. The company has a market cap of $49.00 billion, a P/E ratio of 21.19, a P/E/G ratio of 2.63 and a beta of 1.65. The business has a fifty day simple moving average of $86.81 and a 200 day simple moving average of $84.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company earned $1.48 EPS. Microchip Technology’s revenue for the quarter was down 18.6% on a year-over-year basis. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio is presently 42.06%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the 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 directly owns 32,893 shares of the company’s stock, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Insiders own 2.07% of the company’s stock.

Microchip Technology Company Profile

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.