New York State Common Retirement Fund trimmed its stake in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 0.5% in the first quarter, Holdings Channel reports. The fund owned 430,599 shares of the semiconductor company’s stock after selling 2,100 shares during the quarter. New York State Common Retirement Fund’s holdings in Microchip Technology were worth $35,722,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Osborn Williams & Donohoe LLC bought a new stake in Microchip Technology in the first quarter worth approximately $31,000. Clarfeld Financial Advisors LLC bought a new stake in Microchip Technology in the fourth quarter worth approximately $26,000. Morgan Dempsey Capital Management LLC bought a new stake in Microchip Technology in the fourth quarter worth approximately $28,000. Parkside Financial Bank & Trust increased its holdings in Microchip Technology by 65.3% in the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after purchasing an additional 171 shares in the last quarter. Finally, Lindbrook Capital LLC bought a new stake in Microchip Technology in the fourth quarter worth approximately $32,000.
MCHP has been the subject of a number of research analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a report on Monday, February 11th. BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a report on Friday, April 5th. TheStreet upgraded Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. BMO Capital Markets lowered their target price on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, May 9th. Finally, Mizuho lifted their target price on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $104.32.
Shares of Microchip Technology stock opened at $80.42 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.93 and a debt-to-equity ratio of 1.69. Microchip Technology Inc. has a 52 week low of $60.70 and a 52 week high of $104.20. The company has a market capitalization of $19.06 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.09 and a beta of 1.31.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.08. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the firm posted $1.40 earnings per share. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year. As a group, research analysts predict that Microchip Technology Inc. will post 5.6 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 21st will be paid a $0.3655 dividend. This represents a $1.46 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Monday, May 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio (DPR) is 24.01%.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director L B. Day sold 3,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $84.82, for a total value of $296,870.00. Following the completion of the sale, the director now directly owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
About Microchip Technology
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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