California State Teachers Retirement System Has $46.76 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

California State Teachers Retirement System reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 815,372 shares of the semiconductor company’s stock after selling 41,860 shares during the period. California State Teachers Retirement System’s holdings in Microchip Technology were worth $46,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Consolidated Planning Corp bought a new stake in Microchip Technology in the fourth quarter valued at $308,000. one8zero8 LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at $384,000. Symphony Financial Ltd. Co. bought a new stake in shares of Microchip Technology in the 4th quarter worth about $520,000. Truist Financial Corp increased its position in shares of Microchip Technology by 5.8% during the 4th quarter. Truist Financial Corp now owns 959,439 shares of the semiconductor company’s stock worth $55,024,000 after purchasing an additional 52,222 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Microchip Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after purchasing an additional 569,699 shares in the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Rosenblatt Securities restated a “buy” rating and issued a $70.00 price target on shares of Microchip Technology in a research report on Tuesday, March 4th. Piper Sandler reissued an “overweight” rating and issued a $65.00 target price (down from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. KeyCorp decreased their price target on Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. Finally, Citigroup boosted their price objective on Microchip Technology from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now owns 3,468 shares of the company’s stock, valued at $210,472.92. This trade represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the sale, the chief financial officer now directly owns 34,313 shares of the company’s stock, valued at $1,913,979.14. The trade was a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Microchip Technology Stock Up 4.4%

Shares of NASDAQ:MCHP opened at $58.68 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The stock has a market cap of $31.61 billion, a price-to-earnings ratio of 104.79 and a beta of 1.42. The company has a 50 day moving average of $48.26 and a 200-day moving average of $55.15. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $98.99.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $970.50 million for the quarter, compared to analysts’ expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 3.10%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

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.