Retirement Systems of Alabama Reduces Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Retirement Systems of Alabama reduced its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 1.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 456,183 shares of the semiconductor company's stock after selling 4,584 shares during the quarter. Retirement Systems of Alabama owned 0.08% of Microchip Technology worth $22,084,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its position in shares of Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock worth $27,000 after buying an additional 359 shares during the period. OFI Invest Asset Management acquired a new position in shares of Microchip Technology during the fourth quarter worth about $29,000. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth about $34,000. Finally, Millstone Evans Group LLC acquired a new position in shares of Microchip Technology during the fourth quarter worth about $34,000. 91.51% of the stock is currently owned by institutional investors.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the transaction, the chief financial officer now owns 34,313 shares in the company, valued at approximately $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Microchip Technology Stock Up 1.4%

Microchip Technology stock traded up $0.95 during midday trading on Friday, reaching $68.97. The stock had a trading volume of 19,067,211 shares, compared to its average volume of 8,857,721. 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 company has a fifty day moving average price of $55.54 and a two-hundred day moving average price of $54.96. The company has a market capitalization of $37.20 billion, a P/E ratio of -6,897.00, a PEG ratio of 2.05 and a beta of 1.48. 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 issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 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 analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. The company's revenue for the quarter was down 26.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. As a group, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were paid a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.64%. Microchip Technology's payout ratio is presently -18,200.00%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MCHP. UBS Group upped their price objective on Microchip Technology from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Citigroup upped their price objective on Microchip Technology from $55.00 to $68.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Morgan Stanley upped their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. TD Cowen upped their price objective on Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Finally, Rosenblatt Securities increased their price target on Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned 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 an average rating of "Moderate Buy" and a consensus target price of $70.15.

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.