Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 10.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 182,194 shares of the semiconductor company's stock after selling 20,136 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Microchip Technology were worth $10,449,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in Microchip Technology during the 4th quarter worth about $26,000. Rakuten Securities Inc. grew its holdings in 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 acquiring an additional 359 shares during the period. OFI Invest Asset Management purchased a new position in Microchip Technology during the fourth quarter valued at approximately $29,000. Financial Life Planners purchased a new position in Microchip Technology during the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology in the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 2,015 shares of the 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 transaction, the chief financial officer now owns 34,313 shares of the company's stock, valued at $1,913,979.14. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on 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 now owns 3,468 shares in the company, valued at $210,472.92. This represents 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.

Analysts Set New Price Targets

MCHP has been the subject of several recent research reports. Raymond James lifted their target price on shares of Microchip Technology from $60.00 to $65.00 and gave the company a "strong-buy" rating in a report on Friday, May 9th. Citigroup lifted their price objective on shares of Microchip Technology from $50.00 to $55.00 and gave the company a "buy" rating in a report on Friday, May 9th. 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 note on Friday, May 9th. Morgan Stanley raised their target price on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 price target (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $67.42.

Microchip Technology Trading Up 1.1%

MCHP stock traded up $0.65 during midday trading on Thursday, hitting $58.11. 6,433,079 shares of the company's stock were exchanged, compared to its average volume of 11,163,616. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $98.10. 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 stock has a market capitalization of $31.30 billion, a PE ratio of 103.77 and a beta of 1.42. The business has a 50-day simple moving average of $48.37 and a two-hundred day simple moving average of $55.16.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The firm had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same period in the previous year, the firm earned $0.57 EPS. Microchip Technology's revenue was down 26.8% on a year-over-year basis. On average, sell-side analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Thursday, May 22nd. Microchip Technology's dividend payout ratio (DPR) is -18,200.00%.

Microchip Technology 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.