Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 13.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 202,330 shares of the semiconductor company's stock after selling 30,220 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Microchip Technology were worth $16,245,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of MCHP. Prospera Private Wealth LLC acquired a new position in Microchip Technology during the 3rd quarter valued at approximately $29,000. Peterson Financial Group Inc. purchased a new position in Microchip Technology in the 3rd quarter worth $34,000. Truvestments Capital LLC acquired a new stake in Microchip Technology during the 3rd quarter worth about $34,000. TruNorth Capital Management LLC purchased a new stake in Microchip Technology during the 2nd quarter valued at about $55,000. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock valued at $49,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 91.51% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MCHP. Stifel Nicolaus dropped their target price on Microchip Technology from $90.00 to $87.00 and set a "buy" rating on the stock in a research report on Tuesday, December 3rd. Jefferies Financial Group dropped their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. Citigroup reduced their target price on shares of Microchip Technology from $92.00 to $82.00 and set a "buy" rating for the company in a report on Wednesday, November 6th. Evercore ISI reaffirmed an "outperform" rating and issued a $95.00 price target (down from $101.00) on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, TD Cowen decreased their price objective on Microchip Technology from $80.00 to $70.00 and set a "hold" rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $90.95.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded down $0.40 during trading on Wednesday, reaching $61.52. The stock had a trading volume of 5,697,962 shares, compared to its average volume of 6,197,806. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. Microchip Technology Incorporated has a 1-year low of $57.96 and a 1-year high of $100.57. The stock has a market cap of $33.04 billion, a PE ratio of 43.00 and a beta of 1.50. The business has a fifty day moving average price of $71.49 and a 200-day moving average price of $80.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company's revenue for the quarter was down 48.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.54 earnings per share. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.33 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.96%. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology's payout ratio is presently 127.27%.

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.