State of Alaska Department of Revenue Has $4.63 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

State of Alaska Department of Revenue increased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHPGet Rating) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 79,794 shares of the semiconductor company’s stock after buying an additional 1,595 shares during the quarter. State of Alaska Department of Revenue’s holdings in Microchip Technology were worth $4,634,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Microchip Technology by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 64,426,179 shares of the semiconductor company’s stock worth $4,840,982,000 after buying an additional 691,754 shares during the period. Dodge & Cox raised its stake in Microchip Technology by 87.3% during the 4th quarter. Dodge & Cox now owns 29,539,169 shares of the semiconductor company’s stock worth $2,571,680,000 after buying an additional 13,768,272 shares during the period. Principal Financial Group Inc. raised its stake in Microchip Technology by 1.9% during the 1st quarter. Principal Financial Group Inc. now owns 10,818,661 shares of the semiconductor company’s stock worth $812,914,000 after buying an additional 200,602 shares during the period. Northern Trust Corp raised its stake in Microchip Technology by 1.7% during the 1st quarter. Northern Trust Corp now owns 7,553,578 shares of the semiconductor company’s stock worth $567,576,000 after buying an additional 123,806 shares during the period. Finally, Norges Bank acquired a new stake in Microchip Technology during the 4th quarter worth $462,517,000. Institutional investors and hedge funds own 89.81% of the company’s stock.

Microchip Technology Trading Down 2.3 %

Microchip Technology stock opened at $65.37 on Wednesday. Microchip Technology Incorporated has a 52 week low of $54.33 and a 52 week high of $90.00. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.17 and a current ratio of 1.78. The stock has a market capitalization of $36.12 billion, a P/E ratio of 24.03, a PEG ratio of 0.84 and a beta of 1.62. The stock has a 50-day simple moving average of $67.12 and a 200 day simple moving average of $67.16.

Microchip Technology (NASDAQ:MCHPGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.10. Microchip Technology had a return on equity of 44.90% and a net margin of 21.34%. During the same quarter in the previous year, the company earned $0.88 earnings per share. Analysts expect that Microchip Technology Incorporated will post 5.42 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were given a dividend of $0.301 per share. The ex-dividend date was Thursday, August 18th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 1.84%. Microchip Technology’s dividend payout ratio (DPR) is 44.12%.

Insiders Place Their Bets

In other Microchip Technology news, Director Matthew W. Chapman sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $68,210.00. Following the completion of the sale, the director now directly owns 37,682 shares in the company, valued at $2,570,289.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Microchip Technology news, Director Matthew W. Chapman sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $68,210.00. Following the completion of the sale, the director now directly owns 37,682 shares in the company, valued at $2,570,289.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 2,379 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.21, for a total transaction of $162,271.59. Following the sale, the chief financial officer now owns 35,333 shares of the company’s stock, valued at $2,410,063.93. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MCHP. Cowen increased their target price on Microchip Technology from $60.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, August 3rd. Wells Fargo & Company increased their target price on Microchip Technology from $60.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 3rd. B. Riley increased their target price on Microchip Technology from $78.00 to $86.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Mizuho increased their target price on Microchip Technology from $72.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Finally, Stifel Nicolaus upgraded Microchip Technology from a “hold” rating to a “buy” rating and increased their target price for the stock from $70.00 to $75.00 in a report on Tuesday, June 28th. Four investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.73.

Microchip Technology Company Profile

(Get Rating)

Microchip Technology Incorporated develops, manufactures, and sells 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 microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

Further Reading

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHPGet Rating).

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.