California State Teachers Retirement System Cuts Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

California State Teachers Retirement System reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 815,372 shares of the semiconductor company's stock after selling 41,860 shares during the period. California State Teachers Retirement System owned 0.15% of Microchip Technology worth $46,762,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MCHP. 111 Capital purchased a new position in shares of Microchip Technology during the 4th quarter worth $751,000. Siemens Fonds Invest GmbH grew its stake in Microchip Technology by 9.4% in the fourth quarter. Siemens Fonds Invest GmbH now owns 47,419 shares of the semiconductor company's stock worth $2,709,000 after purchasing an additional 4,079 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Microchip Technology during the 4th quarter valued at $24,175,000. Capital A Wealth Management LLC bought a new stake in Microchip Technology during the 4th quarter valued at $123,000. Finally, LM Advisors LLC acquired a new stake in shares of Microchip Technology in the 4th quarter worth $651,000. 91.51% of the stock is owned by institutional investors.

Microchip Technology Stock Down 1.5%

Shares of MCHP stock traded down $0.89 during midday trading on Friday, reaching $57.22. 10,845,600 shares of the stock were exchanged, compared to its average volume of 8,637,056. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $98.10. The company's 50 day moving average is $48.55 and its two-hundred day moving average is $55.01. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a market cap of $30.86 billion, a PE ratio of 102.18 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million for the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. The firm's quarterly revenue was down 26.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 EPS. On average, equities research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.18%. Microchip Technology's payout ratio is -18,200.00%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MCHP. Piper Sandler restated an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Truist Financial upped their price objective on Microchip Technology from $43.00 to $52.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Bank of America upgraded shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price objective for the company in a research note on Friday, May 9th. Needham & Company LLC reiterated a "buy" rating and set a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. Finally, Stifel Nicolaus lifted their price objective on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and an average target price of $67.68.

Insider Activity

In related news, Director Karlton D. Johnson sold 494 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director now owns 3,468 shares of the company's stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,015 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. Insiders own 2.10% of the company's stock.

About Microchip Technology

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.