State of Tennessee Department of Treasury Sells 16,123 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

State of Tennessee Department of Treasury decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 16.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 79,000 shares of the semiconductor company's stock after selling 16,123 shares during the period. State of Tennessee Department of Treasury's holdings in Microchip Technology were worth $4,531,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. increased its holdings in shares of Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology during the 4th quarter worth $29,000. Financial Life Planners acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology during the fourth quarter valued at $34,000. Institutional investors own 91.51% of the company's stock.

Microchip Technology Price Performance

NASDAQ:MCHP traded up $0.18 during mid-day trading on Thursday, reaching $46.26. The stock had a trading volume of 2,438,127 shares, compared to its average volume of 8,235,897. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $100.57. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The firm has a 50 day moving average price of $48.49 and a two-hundred day moving average price of $57.91. The stock has a market capitalization of $24.88 billion, a P/E ratio of 82.52 and a beta of 1.51.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MCHP. TD Cowen boosted their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Piper Sandler reaffirmed an "overweight" rating and issued a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Citigroup cut their price objective on Microchip Technology from $65.00 to $50.00 and set a "buy" rating on the stock in a report on Friday, April 11th. B. Riley reaffirmed a "buy" rating and set a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $70.00 price target on shares of Microchip Technology in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $66.79.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.10% of the stock is currently owned by company insiders.

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.