Microchip Technology Incorporated (NASDAQ:MCHP) Holdings Lowered by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. SeaCrest Wealth Management LLC raised its position in shares of Microchip Technology by 3.3% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after buying an additional 131 shares in the last quarter. Corundum Group Inc. raised its position in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after buying an additional 143 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its position in shares of Microchip Technology by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock worth $318,000 after buying an additional 148 shares in the last quarter. Busey Bank raised its position in shares of Microchip Technology by 2.6% during the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after buying an additional 155 shares in the last quarter. Finally, Financial Advocates Investment Management raised its holdings in shares of Microchip Technology by 1.5% in the 3rd quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares in the last quarter. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Stock Performance

Shares of MCHP opened at $61.92 on Wednesday. The company’s 50 day moving average price is $71.80 and its 200 day moving average price is $80.83. Microchip Technology Incorporated has a 52 week low of $57.96 and a 52 week high of $100.57. The company has a market capitalization of $33.25 billion, a PE ratio of 43.30 and a beta of 1.50. 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 (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate 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 period in the previous year, the firm posted $1.54 earnings per share. Research analysts expect that Microchip Technology Incorporated will post 1.33 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.94%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, November 22nd. Microchip Technology’s payout ratio is currently 127.27%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Truist Financial downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating and dropped their target price for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. Jefferies Financial Group dropped their target price 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. Rosenblatt Securities reiterated a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, November 6th. Finally, Piper Sandler dropped their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. One research 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. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

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.