Louisiana State Employees Retirement System Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Louisiana State Employees Retirement System reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 71,100 shares of the semiconductor company’s stock after selling 2,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Microchip Technology were worth $5,709,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Swedbank AB purchased a new stake in Microchip Technology during the 1st quarter valued at about $1,079,000. SageView Advisory Group LLC boosted its holdings in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares during the period. Janney Montgomery Scott LLC boosted its holdings in Microchip Technology by 6.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 225,633 shares of the semiconductor company’s stock valued at $20,242,000 after acquiring an additional 13,304 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in Microchip Technology during the 2nd quarter valued at about $42,538,000. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in Microchip Technology by 7.7% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 131,979 shares of the semiconductor company’s stock valued at $12,076,000 after acquiring an additional 9,446 shares during the period. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MCHP has been the subject of a number of recent analyst reports. Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a research report on Monday, August 5th. B. Riley lowered their price target on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Truist Financial lowered Microchip Technology from a “buy” rating to a “hold” rating and lowered their price target for the company from $89.00 to $80.00 in a research report on Monday, September 23rd. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. Finally, Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $97.89.

Insider Buying and Selling at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.07% of the company’s stock.

Microchip Technology Stock Up 0.6 %

MCHP stock opened at $76.29 on Friday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The firm has a market cap of $40.93 billion, a PE ratio of 21.99 and a beta of 1.52. The business has a 50 day moving average of $77.93 and a 200 day moving average of $85.70.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. During the same quarter last year, the company earned $1.56 EPS. The firm’s revenue for the quarter was down 45.8% on a year-over-year basis. On average, research analysts forecast that Microchip Technology Incorporated will post 1.73 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Microchip Technology Company 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.