State of Michigan Retirement System Has $8.36 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

State of Michigan Retirement System reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.3% during the fourth quarter, Holdings Channel.com reports. The fund owned 145,718 shares of the semiconductor company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Microchip Technology were worth $8,357,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Prospera Private Wealth LLC bought a new position in Microchip Technology during the 3rd quarter worth approximately $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology during the fourth quarter worth $32,000. Peterson Financial Group Inc. acquired a new position in Microchip Technology in the third quarter valued at $34,000. Truvestments Capital LLC bought a new stake in Microchip Technology during the third quarter valued at $34,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Microchip Technology during the 4th quarter worth about $34,000. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MCHP shares. Susquehanna cut their target price on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $80.00 to $65.00 in a research note on Monday, December 16th. Jefferies Financial Group cut their target price on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. B. Riley reiterated a “buy” rating and set a $75.00 price objective (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, KeyCorp reduced their target price on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.37.

Insider Transactions at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now owns 33,272 shares in the company, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Stock Up 2.6 %

MCHP stock opened at $59.64 on Thursday. The stock has a fifty day moving average of $56.95 and a 200-day moving average of $66.99. Microchip Technology Incorporated has a fifty-two week low of $50.21 and a fifty-two week high of $100.57. The company has a market capitalization of $32.08 billion, a price-to-earnings ratio of 106.50 and a beta of 1.52. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, equities research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 3.05%. Microchip Technology’s dividend payout ratio is currently 325.00%.

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.