Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 40,838 shares of the semiconductor company’s stock after acquiring an additional 3,999 shares during the period. Illinois Municipal Retirement Fund’s holdings in Microchip Technology were worth $3,683,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of MCHP. OFI Invest Asset Management purchased a new stake in shares of Microchip Technology in the third quarter valued at $26,000. BKM Wealth Management LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Rakuten Securities Inc. purchased a new stake in shares of Microchip Technology during the fourth quarter worth $27,000. Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology during the fourth quarter worth $29,000. Finally, Milestone Investment Advisors LLC purchased a new stake in shares of Microchip Technology during the third quarter worth $36,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at $2,759,722.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Microchip Technology news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at $150,276. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 1,970 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $83.90, for a total value of $165,283.00. Following the completion of the transaction, the chief financial officer now directly owns 32,893 shares in the company, valued at approximately $2,759,722.70. The disclosure for this sale can be found here. Company insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent research reports. Evercore ISI initiated coverage on Microchip Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective for the company. Needham & Company LLC increased their price objective on Microchip Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 2nd. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price objective for the company. in a report on Thursday, January 4th. StockNews.com downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Stock Up 5.2 %

NASDAQ MCHP opened at $90.68 on Thursday. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $94.30. The stock has a market cap of $49.00 billion, a PE ratio of 21.19, a PEG ratio of 2.63 and a beta of 1.65. The firm has a 50-day simple moving average of $86.81 and a 200 day simple moving average of $84.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the prior year, the business posted $1.48 earnings per share. The business’s revenue was down 18.6% compared to the same quarter last year. On average, research analysts forecast that Microchip Technology Incorporated will post 4.64 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 1.99%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 22nd. Microchip Technology’s dividend payout ratio is 42.06%.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells 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 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.