New York State Common Retirement Fund Sells 19,600 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

New York State Common Retirement Fund trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 275,408 shares of the semiconductor company’s stock after selling 19,600 shares during the quarter. New York State Common Retirement Fund’s holdings in Microchip Technology were worth $15,795,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Prospera Private Wealth LLC acquired a new stake in shares of Microchip Technology in the third quarter valued at approximately $29,000. Financial Life Planners acquired a new position in shares of Microchip Technology during the 4th quarter worth approximately $32,000. Peterson Financial Group Inc. bought a new position in shares of Microchip Technology in the third quarter valued at about $34,000. Truvestments Capital LLC acquired a new stake in Microchip Technology during the third quarter worth approximately $34,000. Finally, Hobbs Group Advisors LLC boosted its stake in Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on MCHP. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $80.00 to $65.00 in a report on Monday, December 16th. Evercore ISI reiterated an “outperform” rating and set a $95.00 price objective (down from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. StockNews.com lowered Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Piper Sandler restated an “overweight” rating and issued a $65.00 price objective (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, B. Riley reaffirmed a “buy” rating and issued a $75.00 price objective (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average target price of $77.11.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $61.07 on Monday. Microchip Technology Incorporated has a 12 month low of $50.21 and a 12 month high of $100.57. The firm has a market capitalization of $32.84 billion, a PE ratio of 109.05 and a beta of 1.50. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. The firm has a fifty day simple moving average of $56.70 and a two-hundred day simple moving average of $68.00.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Monday, February 24th. Microchip Technology’s dividend payout ratio is presently 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.