Microchip Technology Incorporated (NASDAQ:MCHP) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,342 shares of the semiconductor company’s stock after buying an additional 3,580 shares during the quarter. State of Alaska Department of Revenue’s holdings in Microchip Technology were worth $5,005,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MCHP. Pathway Financial Advisers LLC acquired a new stake in shares of Microchip Technology in the first quarter worth $39,000. Versant Capital Management Inc grew its position in Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock worth $48,000 after purchasing an additional 317 shares during the period. Wolff Wiese Magana LLC raised its stake in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the last quarter. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Microchip Technology in the 1st quarter valued at about $54,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology in the second quarter worth about $55,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 2.4 %

Shares of MCHP opened at $79.05 on Wednesday. The stock has a 50 day moving average price of $77.81 and a 200 day moving average price of $85.55. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The stock has a market capitalization of $42.41 billion, a price-to-earnings ratio of 22.78 and a beta of 1.52.

Microchip Technology (NASDAQ:MCHP) last released its 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 net margin of 20.80% and a return on equity of 28.33%. The company’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 firm earned $1.56 earnings per share. Equities research analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.30%. Microchip Technology’s dividend payout ratio is presently 52.16%.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

MCHP has been the subject of several recent research reports. StockNews.com upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 17th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. TD Cowen decreased their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Susquehanna dropped their price target on shares of Microchip Technology from $105.00 to $95.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

Microchip Technology Company 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.