South Dakota Investment Council Has $10.80 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

South Dakota Investment Council grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 20.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 223,120 shares of the semiconductor company's stock after acquiring an additional 37,455 shares during the quarter. South Dakota Investment Council's holdings in Microchip Technology were worth $10,801,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. bought a new stake in shares of Microchip Technology during the first quarter worth $30,000. Millstone Evans Group LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $34,000. Orion Capital Management LLC bought a new stake in shares of Microchip Technology in the fourth quarter valued at about $41,000. Byrne Asset Management LLC bought a new stake in shares of Microchip Technology in the first quarter valued at about $41,000. Finally, Aster Capital Management DIFC Ltd raised its holdings in shares of Microchip Technology by 399.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 809 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 647 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded up $0.48 during trading on Friday, reaching $74.78. The company had a trading volume of 5,239,358 shares, compared to its average volume of 8,966,605. The firm has a market capitalization of $40.36 billion, a price-to-earnings ratio of -7,478.00, a price-to-earnings-growth ratio of 2.23 and a beta of 1.52. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.59 and a quick ratio of 1.47. The stock's fifty day moving average price is $66.82 and its 200 day moving average price is $56.90. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $93.23.

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

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were given a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.43%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Analysts Set New Price Targets

A number of equities analysts have commented on MCHP shares. KeyCorp boosted their target price on shares of Microchip Technology from $70.00 to $85.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Evercore ISI boosted their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the stock an "outperform" rating in a report on Thursday, June 12th. The Goldman Sachs Group started coverage on Microchip Technology in a research note on Thursday, July 10th. They set a "buy" rating and a $88.00 price target on the stock. Raymond James Financial boosted their price target on Microchip Technology from $60.00 to $65.00 and gave the stock a "strong-buy" rating in a research note on Friday, May 9th. Finally, Stifel Nicolaus boosted their price target on Microchip Technology from $70.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.70.

Insider Buying and Selling at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of the company's stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 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 SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the company's stock in a transaction 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 owned 3,468 shares of the company's stock, valued at $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. 1.94% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

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.