Arizona State Retirement System Purchases 1,398 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Arizona State Retirement System increased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 156,661 shares of the semiconductor company’s stock after acquiring an additional 1,398 shares during the period. Arizona State Retirement System’s holdings in Microchip Technology were worth $14,334,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MCHP. Norges Bank purchased a new stake in shares of Microchip Technology during the fourth quarter valued at $672,196,000. Clearbridge Investments LLC lifted its stake in Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock valued at $177,002,000 after acquiring an additional 1,962,685 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock valued at $6,152,646,000 after acquiring an additional 1,921,497 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Microchip Technology by 425.3% in the first quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after acquiring an additional 1,114,962 shares during the period. Finally, Van ECK Associates Corp raised its holdings in shares of Microchip Technology by 17.2% during the first quarter. Van ECK Associates Corp now owns 6,068,311 shares of the semiconductor company’s stock valued at $544,388,000 after purchasing an additional 891,297 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. TD Cowen dropped their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, August 2nd. Susquehanna dropped their price target on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Truist Financial cut their price objective on Microchip Technology from $96.00 to $89.00 and set a “buy” rating for the company in a report on Friday, August 2nd. Citigroup lowered their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Jefferies Financial Group assumed coverage on Microchip Technology in a research note on Monday, May 13th. They set a “buy” rating and a $115.00 price target for the company. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the sale, the director now directly owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The disclosure for this sale can be found here. 2.07% of the stock is owned by insiders.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $74.09 on Friday. The stock has a market cap of $39.75 billion, a PE ratio of 21.35 and a beta of 1.53. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The firm has a fifty day moving average price of $84.38 and a 200-day moving average price of $88.22. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The business had revenue of $1.24 billion during the quarter, compared to analyst estimates of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.56 EPS. Equities analysts anticipate that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were paid a dividend of $0.454 per share. This represents a $1.82 annualized dividend and a yield of 2.45%. The ex-dividend date was Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is 52.16%.

About Microchip Technology

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.