Public Employees Retirement System of Ohio Has $10.45 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Public Employees Retirement System of Ohio cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 10.0% during the 4th quarter, Holdings Channel reports. The firm owned 182,194 shares of the semiconductor company’s stock after selling 20,136 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Microchip Technology were worth $10,449,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mainstream Capital Management LLC purchased a new position in Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. boosted its holdings in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new position in Microchip Technology during the fourth quarter worth about $29,000. Financial Life Planners purchased a new position in Microchip Technology during the fourth quarter worth about $32,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new position in Microchip Technology during the fourth quarter worth about $34,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology Stock Performance

NASDAQ MCHP opened at $56.19 on Monday. The company’s 50 day moving average is $48.07 and its 200-day moving average is $55.24. Microchip Technology Incorporated has a 12-month low of $34.13 and a 12-month high of $98.99. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The firm has a market cap of $30.27 billion, a P/E ratio of 100.34 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The company had revenue of $970.50 million for the quarter, compared to analyst estimates of $962.86 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was down 26.8% compared to the same quarter last year. Sell-side analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Thursday, May 22nd will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Thursday, May 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Insider Buying and Selling

In related news, Director Karlton D. Johnson sold 494 shares of the company’s 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 sale, the director now owns 3,468 shares of the company’s stock, valued at approximately $210,472.92. This represents a 12.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares in the company, valued at $2,025,599.36. The trade was a 10.07% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on MCHP. Wall Street Zen cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 10th. KeyCorp cut their price target on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $70.00 target price on shares of Microchip Technology in a research note on Tuesday, March 4th. Evercore ISI boosted their target price on shares of Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $66.00 target price on shares of Microchip Technology in a research note on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Microchip Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.42.

About Microchip Technology

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.