Illinois Municipal Retirement Fund Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Illinois Municipal Retirement Fund trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 69.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 12,542 shares of the semiconductor company’s stock after selling 28,296 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Microchip Technology were worth $719,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology during the third quarter valued at approximately $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology during the fourth quarter worth $32,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $34,000. Truvestments Capital LLC acquired a new stake in shares of Microchip Technology in the 3rd quarter worth $34,000. Finally, Hobbs Group Advisors LLC grew its stake in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock worth $50,000 after buying an additional 500 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MCHP has been the subject of a number of research analyst reports. Morgan Stanley decreased their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Raymond James reaffirmed a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Needham & Company LLC dropped their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, November 6th. Finally, Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $80.00 to $65.00 in a report on Monday, December 16th. Two equities 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.11.

Microchip Technology Trading Down 1.5 %

Microchip Technology stock opened at $57.95 on Tuesday. The firm has a market cap of $31.17 billion, a PE ratio of 103.48 and a beta of 1.50. Microchip Technology Incorporated has a 12 month low of $50.21 and a 12 month high of $100.57. The stock’s 50 day simple moving average is $56.94 and its two-hundred day simple moving average is $67.20. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. Analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.14%. Microchip Technology’s dividend payout ratio is presently 325.00%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at approximately $2,025,599.36. This represents a 10.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.10% of the stock is currently owned by insiders.

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.