Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 148.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 78,504 shares of the semiconductor company's stock after purchasing an additional 46,858 shares during the period. Teacher Retirement System of Texas' holdings in Microchip Technology were worth $3,800,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Federated Hermes Inc. grew its stake in Microchip Technology by 0.5% in the 4th quarter. Federated Hermes Inc. now owns 39,298 shares of the semiconductor company's stock valued at $2,254,000 after acquiring an additional 209 shares during the last quarter. Northwest Bank & Trust Co lifted its holdings in shares of Microchip Technology by 3.0% in the fourth quarter. Northwest Bank & Trust Co now owns 7,392 shares of the semiconductor company's stock valued at $424,000 after purchasing an additional 217 shares in the last quarter. Bartlett & CO. Wealth Management LLC grew its position in shares of Microchip Technology by 3.4% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 8,360 shares of the semiconductor company's stock valued at $405,000 after purchasing an additional 276 shares during the last quarter. State of Wyoming increased its stake in shares of Microchip Technology by 27.3% during the 4th quarter. State of Wyoming now owns 1,300 shares of the semiconductor company's stock worth $75,000 after purchasing an additional 279 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its position in shares of Microchip Technology by 1.0% during the 4th quarter. CreativeOne Wealth LLC now owns 28,842 shares of the semiconductor company's stock worth $1,654,000 after purchasing an additional 283 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Stifel Nicolaus increased their target price on Microchip Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 9th. Truist Financial increased their price objective on Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Needham & Company LLC reissued a "buy" rating and issued a $66.00 target price on shares of Microchip Technology in a research note 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 target price on the stock in a report on Friday, May 9th. Finally, Cantor Fitzgerald initiated coverage on shares of Microchip Technology in a report on Wednesday, June 18th. They set a "neutral" rating and a $70.00 price target for the company. Seven analysts have rated the stock with 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 has a consensus rating of "Moderate Buy" and a consensus price target of $72.25.

Microchip Technology Price Performance

MCHP stock opened at $71.48 on Tuesday. The company has a market cap of $38.56 billion, a PE ratio of -7,148.00, a price-to-earnings-growth ratio of 2.17 and a beta of 1.52. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average price of $62.10 and a two-hundred day moving average price of $55.86. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $96.98.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The company's revenue was down 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. As a group, research analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a dividend of $0.455 per share. The ex-dividend date of this dividend was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.55%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insiders Place Their Bets

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the sale, the chief financial officer owned 34,313 shares of the company's stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the completion of the transaction, the director directly owned 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their ownership of the stock. 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.

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