New York State Teachers Retirement System Sells 10,973 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

New York State Teachers Retirement System lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 2.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 396,145 shares of the semiconductor company's stock after selling 10,973 shares during the period. New York State Teachers Retirement System owned approximately 0.07% of Microchip Technology worth $19,177,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MCHP. Norges Bank acquired a new position in Microchip Technology in the 4th quarter valued at approximately $452,627,000. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Microchip Technology by 273.2% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock valued at $306,541,000 after purchasing an additional 3,912,895 shares in the last quarter. Franklin Resources Inc. lifted its position in Microchip Technology by 90.0% in the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the period. Meritage Group LP acquired a new stake in Microchip Technology during the fourth quarter worth $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new stake in Microchip Technology during the fourth quarter worth $119,431,000. Institutional investors own 91.51% of the company's stock.

Microchip Technology Trading Down 1.1%

MCHP traded down $0.84 during mid-day trading on Thursday, reaching $72.32. The stock had a trading volume of 3,810,846 shares, compared to its average volume of 8,860,734. The firm's fifty day simple moving average is $60.60 and its two-hundred day simple moving average is $55.56. The stock has a market capitalization of $39.01 billion, a P/E ratio of -7,232.00, a P/E/G ratio of 2.13 and a beta of 1.52. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $96.98. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 negative net margin of 0.01% and a positive return on equity of 8.55%. The company's revenue was down 26.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently declared 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 2.52%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,015 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $1,913,979.14. The trade was a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the sale, the director directly owned 3,468 shares in the company, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on MCHP shares. Stifel Nicolaus increased their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. Morgan Stanley lifted their price objective on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. B. Riley upped their target price on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, TD Cowen increased their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a "hold" rating in a research report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average target price of $70.15.

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.