New Mexico Educational Retirement Board lifted its holdings in shares of Microchip Technology Inc. (NASDAQ:MCHP) by 7.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 22,400 shares of the semiconductor company’s stock after purchasing an additional 1,600 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Microchip Technology were worth $1,969,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in the stock. Zions Bancorporation grew its position in Microchip Technology by 215.5% in the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 836 shares during the last quarter. Amica Retiree Medical Trust bought a new position in Microchip Technology in the 3rd quarter worth about $121,000. Valeo Financial Advisors LLC bought a new position in Microchip Technology in the 3rd quarter worth about $146,000. Benjamin F. Edwards & Company Inc. grew its position in Microchip Technology by 608.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after purchasing an additional 1,807 shares during the last quarter. Finally, SeaCrest Wealth Management LLC bought a new position in Microchip Technology in the 4th quarter worth about $198,000.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the sale, the vice president now directly owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
MCHP has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 target price for the company in a research report on Friday, November 10th. Bank of America decreased their target price on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research report on Wednesday, February 7th. Morgan Stanley upped their target price on shares of Microchip Technology from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 13th. Jefferies Group upped their target price on shares of Microchip Technology from $106.00 to $110.00 and gave the stock a “buy” rating in a research report on Tuesday, November 7th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $120.00 target price on shares of Microchip Technology in a research report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $102.35.
Shares of Microchip Technology Inc. (NASDAQ:MCHP) opened at $83.41 on Friday. The firm has a market cap of $19,546.55, a P/E ratio of 16.62, a PEG ratio of 1.12 and a beta of 1.05. Microchip Technology Inc. has a one year low of $70.97 and a one year high of $99.17. The company has a quick ratio of 2.33, a current ratio of 2.98 and a debt-to-equity ratio of 0.95.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to analyst estimates of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The business’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.05 EPS. research analysts anticipate that Microchip Technology Inc. will post 5.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st will be paid a $0.363 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s dividend payout ratio is currently 149.49%.
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About Microchip Technology
Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.
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