Microchip Technology Incorporated (NASDAQ:MCHP) Stake Lessened by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 2.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 186,250 shares of the semiconductor company's stock after selling 4,558 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Microchip Technology were worth $10,681,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHP. Prospera Private Wealth LLC purchased a new stake in shares of Microchip Technology during the third quarter worth about $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology during the fourth quarter worth about $32,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology during the third quarter worth about $34,000. Truvestments Capital LLC purchased a new stake in shares of Microchip Technology during the third quarter worth about $34,000. Finally, Hobbs Group Advisors LLC grew its holdings in shares of Microchip Technology by 390.6% during the third quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company's stock worth $50,000 after buying an additional 500 shares in the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 5.0 %

Shares of NASDAQ MCHP traded down $3.23 during trading on Friday, reaching $61.07. 13,460,788 shares of the stock were exchanged, compared to its average volume of 9,662,867. The business's 50-day moving average price is $56.68 and its 200 day moving average price is $68.16. Microchip Technology Incorporated has a twelve month low of $50.21 and a twelve month high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a market capitalization of $32.84 billion, a price-to-earnings ratio of 109.05 and a beta of 1.50.

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

Microchip Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be paid a $0.455 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.98%. Microchip Technology's dividend payout ratio (DPR) is presently 325.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MCHP shares. Bank of America downgraded shares of Microchip Technology from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $80.00 to $65.00 in a report on Monday, December 16th. The Goldman Sachs Group decreased their target price on shares of Microchip Technology from $72.00 to $63.00 and set a "neutral" rating on the stock in a research report on Friday, January 10th. Evercore ISI reissued an "outperform" rating and issued a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. B. Riley reissued a "buy" rating and issued a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $90.00 target price on shares of Microchip Technology in a research report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.11.

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.