State of Alaska Department of Revenue Cuts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

State of Alaska Department of Revenue cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHPFree Report) by 35.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 58,432 shares of the semiconductor company’s stock after selling 32,075 shares during the quarter. State of Alaska Department of Revenue’s holdings in Microchip Technology were worth $5,269,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Northwest Investment Counselors LLC boosted its stake in Microchip Technology by 1.2% during the fourth quarter. Northwest Investment Counselors LLC now owns 37,475 shares of the semiconductor company’s stock worth $3,380,000 after buying an additional 445 shares during the period. Gradient Investments LLC boosted its stake in Microchip Technology by 32,539.6% during the fourth quarter. Gradient Investments LLC now owns 183,108 shares of the semiconductor company’s stock worth $16,513,000 after buying an additional 182,547 shares during the period. Caprock Group LLC boosted its stake in Microchip Technology by 10.8% during the fourth quarter. Caprock Group LLC now owns 17,611 shares of the semiconductor company’s stock worth $1,588,000 after buying an additional 1,720 shares during the period. Brookmont Capital Management boosted its stake in Microchip Technology by 0.5% during the fourth quarter. Brookmont Capital Management now owns 42,953 shares of the semiconductor company’s stock worth $3,874,000 after buying an additional 232 shares during the period. Finally, Blue Trust Inc. boosted its stake in Microchip Technology by 75.4% during the fourth quarter. Blue Trust Inc. now owns 1,821 shares of the semiconductor company’s stock worth $164,000 after buying an additional 783 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Needham & Company LLC lifted their price objective on shares of Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Susquehanna lowered their target price on shares of Microchip Technology from $105.00 to $100.00 and set a “positive” rating for the company in a research note on Friday, February 2nd. UBS Group lowered their target price on shares of Microchip Technology from $105.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Finally, Truist Financial lowered their target price on shares of Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a research note on Tuesday, January 9th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.33.

Check Out Our Latest Analysis on Microchip Technology

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total transaction of $165,283.00. Following the transaction, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Karlton D. Johnson sold 370 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the transaction, the director now owns 1,789 shares in the company, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $89.74 on Tuesday. The company has a market capitalization of $48.50 billion, a PE ratio of 20.97, a P/E/G ratio of 1.60 and a beta of 1.65. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The company has a 50-day simple moving average of $86.38 and a two-hundred day simple moving average of $83.36. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $94.30.

Microchip Technology (NASDAQ:MCHPGet Free Report) last announced its earnings results on Thursday, February 1st. The semiconductor company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The firm’s revenue was down 18.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.48 earnings per share. Research analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. This represents a $1.80 dividend on an annualized basis and a yield of 2.01%. Microchip Technology’s payout ratio is currently 42.06%.

Microchip Technology Profile

(Free Report)

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 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.

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

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