California Public Employees Retirement System Grows Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

California Public Employees Retirement System increased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 12.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,706,403 shares of the semiconductor company's stock after buying an additional 419,912 shares during the period. California Public Employees Retirement System owned about 0.69% of Microchip Technology worth $212,562,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MCHP. Norges Bank purchased a new stake in Microchip Technology during the 4th quarter worth about $452,627,000. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Microchip Technology by 39.3% in the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company's stock valued at $636,184,000 after purchasing an additional 3,131,807 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company's stock valued at $163,886,000 after purchasing an additional 2,829,082 shares in the last quarter. Finally, Madison Investment Advisors LLC purchased a new position in Microchip Technology in the fourth quarter valued at approximately $78,661,000. Institutional investors and hedge funds own 91.51% of the company's stock.

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Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company's stock, valued at approximately $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MCHP shares. B. Riley restated a "buy" rating and issued a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Piper Sandler restated an "overweight" rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. TD Cowen lifted their target price on Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. StockNews.com cut Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. Finally, KeyCorp cut their price target on Microchip Technology from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $74.37.

Microchip Technology Stock Performance

MCHP traded down $4.49 during trading on Friday, reaching $36.22. The company's stock had a trading volume of 26,402,713 shares, compared to its average volume of 7,606,282. The company has a market capitalization of $19.48 billion, a price-to-earnings ratio of 64.68 and a beta of 1.51. The company's fifty day moving average price is $54.29 and its 200-day moving average price is $62.86. Microchip Technology Incorporated has a 52-week low of $36.10 and a 52-week 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.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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%. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 5.02%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's dividend payout ratio (DPR) is 325.00%.

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.