New York State Common Retirement Fund increased its holdings in Microchip Technology Inc. (NASDAQ:MCHP) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 526,914 shares of the semiconductor company’s stock after acquiring an additional 10,156 shares during the period. New York State Common Retirement Fund owned about 0.23% of Microchip Technology worth $47,306,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in Microchip Technology by 66.5% in the 2nd quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after buying an additional 2,507,707 shares during the period. Fox Run Management L.L.C. boosted its holdings in Microchip Technology by 248.8% in the 3rd quarter. Fox Run Management L.L.C. now owns 15,000 shares of the semiconductor company’s stock valued at $1,347,000 after purchasing an additional 10,700 shares during the period. 361 Capital LLC boosted its holdings in Microchip Technology by 35.3% in the 2nd quarter. 361 Capital LLC now owns 48,830 shares of the semiconductor company’s stock valued at $3,769,000 after purchasing an additional 12,730 shares during the period. Norinchukin Bank The boosted its holdings in Microchip Technology by 13.2% in the 2nd quarter. Norinchukin Bank The now owns 15,920 shares of the semiconductor company’s stock valued at $1,229,000 after purchasing an additional 1,857 shares during the period. Finally, HPM Partners LLC boosted its holdings in Microchip Technology by 76.3% in the 2nd quarter. HPM Partners LLC now owns 17,185 shares of the semiconductor company’s stock valued at $623,000 after purchasing an additional 7,437 shares during the period.
MCHP has been the topic of several research reports. Needham & Company LLC restated a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Friday, September 8th. Morgan Stanley reiterated an “overweight” rating and issued a $94.00 target price on shares of Microchip Technology in a research report on Wednesday, September 20th. Stifel Nicolaus reiterated a “buy” rating and issued a $94.00 target price on shares of Microchip Technology in a research report on Thursday, September 28th. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Saturday, September 30th. Finally, Zacks Investment Research lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $101.18.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. Microchip Technology’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.94 earnings per share. equities research analysts anticipate that Microchip Technology Inc. will post 5.12 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 5th. Stockholders of record on Tuesday, November 21st were paid a $0.3625 dividend. The ex-dividend date of this dividend was Monday, November 20th. This represents a $1.45 annualized dividend and a dividend yield of 1.65%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is currently 58.00%.
In related news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the transaction, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
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Microchip Technology Profile
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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