1,250,482 Microchip Technology Incorporated $MCHP Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 97.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,250 shares of the semiconductor company’s stock after selling 1,250,482 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Microchip Technology were worth $2,508,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of MCHP. Private Capital Advisors Inc. acquired a new position in shares of Microchip Technology during the 3rd quarter worth about $21,230,000. Viking Fund Management LLC bought a new stake in Microchip Technology during the 3rd quarter valued at approximately $8,555,000. Junto Capital Management LP acquired a new stake in Microchip Technology in the 2nd quarter valued at approximately $38,537,000. Hsbc Holdings PLC grew its holdings in Microchip Technology by 13.0% in the 1st quarter. Hsbc Holdings PLC now owns 1,160,129 shares of the semiconductor company’s stock valued at $74,649,000 after buying an additional 133,813 shares during the last quarter. Finally, Andra AP fonden grew its holdings in Microchip Technology by 1,262.1% in the 2nd quarter. Andra AP fonden now owns 64,646 shares of the semiconductor company’s stock valued at $5,896,000 after buying an additional 59,900 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP traded down $0.40 during mid-day trading on Friday, hitting $61.68. The company had a trading volume of 11,883,011 shares, compared to its average volume of 16,061,035. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.24 and a quick ratio of 1.33. The business’s 50-day simple moving average is $73.73 and its 200-day simple moving average is $79.07. Microchip Technology Incorporated has a 12 month low of $48.52 and a 12 month high of $105.91. The firm has a market cap of $33.57 billion, a P/E ratio of 46.73, a PEG ratio of 0.70 and a beta of 1.84.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, November 5th. The semiconductor company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.03. Microchip Technology had a return on equity of 20.32% and a net margin of 14.96%. The business had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the business earned $0.35 earnings per share. The firm’s revenue for the quarter was up 42.2% compared to the same quarter last year. As a group, analysts predict that Microchip Technology Incorporated will post 3.19 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 8th. Stockholders of record on Monday, November 23rd will be issued a dividend of $0.4550 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, November 23rd. Microchip Technology’s dividend payout ratio (DPR) is presently 137.88%.

Insider Activity

In other news, CFO James Bjornholt sold 4,112 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total transaction of $309,715.84. Following the sale, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on MCHP shares. Citigroup dropped their price target on Microchip Technology from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Microchip Technology in a research report on Wednesday, November 4th. B. Riley Financial reduced their price objective on Microchip Technology from $98.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, November 6th. Barclays lowered their price objective on shares of Microchip Technology from $105.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Monday, November 9th. Finally, Truist Financial lowered their price objective on shares of Microchip Technology from $90.00 to $62.00 and set a “hold” rating on the stock in a research note on Friday, November 6th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Microchip Technology has a consensus rating of “Moderate Buy” and an average price target of $90.18.

Microchip Technology Profile

Microchip Technology is a semiconductor company that develops and supplies components and systems for embedded control and connected applications. Its products include microcontrollers, microprocessors, analog and power-management devices, field-programmable gate arrays, timing products, and connectivity and security solutions. The company’s products are used in a range of markets, including automotive, industrial, communications, data center, consumer, and aerospace and defense. Microchip also provides development tools, software, and technical support to help customers design and build electronic systems.