Microchip Technology Incorporated (NASDAQ:MCHP) Position Lowered by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 186,250 shares of the semiconductor company’s stock after selling 4,558 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Microchip Technology were worth $10,681,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology during the 3rd quarter valued at approximately $29,000. Financial Life Planners bought a new stake in Microchip Technology during the fourth quarter valued at $32,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the 3rd quarter worth about $34,000. Truvestments Capital LLC acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $34,000. Finally, Hobbs Group Advisors LLC grew its position in shares of Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after buying an additional 500 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 equities analysts have commented on the company. Susquehanna decreased their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday, November 6th. Piper Sandler restated an “overweight” rating and set a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. The Goldman Sachs Group cut their target price on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, January 10th. Morgan Stanley lowered their price target on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Finally, StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $55.76 on Tuesday. The company has a 50-day moving average of $56.79 and a 200-day moving average of $68.55. The firm has a market cap of $29.94 billion, a price-to-earnings ratio of 99.57 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.41% and a net margin of 6.49%. Analysts forecast that Microchip Technology Incorporated will post 1.3 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Monday, February 24th. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

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.