Treasurer of the State of North Carolina Sells 60,007 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Treasurer of the State of North Carolina lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 20.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,209 shares of the semiconductor company’s stock after selling 60,007 shares during the period. Treasurer of the State of North Carolina’s holdings in Microchip Technology were worth $13,375,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 68,912,345 shares of the semiconductor company’s stock worth $3,952,123,000 after buying an additional 569,699 shares during the period. Van ECK Associates Corp lifted its stake in Microchip Technology by 39.3% in the 4th quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after acquiring an additional 3,131,807 shares in the last quarter. Invesco Ltd. boosted its position in Microchip Technology by 9.5% during the 4th quarter. Invesco Ltd. now owns 10,247,908 shares of the semiconductor company’s stock worth $587,718,000 after acquiring an additional 890,819 shares during the last quarter. Norges Bank bought a new position in shares of Microchip Technology during the 4th quarter worth approximately $452,627,000. Finally, FIL Ltd raised its holdings in shares of Microchip Technology by 9.0% in the fourth quarter. FIL Ltd now owns 7,877,482 shares of the semiconductor company’s stock valued at $451,774,000 after purchasing an additional 653,705 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 0.3 %

Microchip Technology stock opened at $38.71 on Friday. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $100.57. The stock has a market cap of $20.82 billion, a P/E ratio of 69.13 and a beta of 1.51. The company’s 50-day moving average price is $52.13 and its two-hundred day moving average price is $61.03. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. As a group, analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were given a $0.455 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 4.70%. Microchip Technology’s payout ratio is presently 325.00%.

Insider Activity at Microchip Technology

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MCHP has been the subject of several recent research reports. Mizuho increased their target price on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, March 4th. Needham & Company LLC increased their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Evercore ISI raised their price objective on Microchip Technology from $65.00 to $71.00 and gave the company an “outperform” rating in a report on Tuesday, March 4th. Piper Sandler reiterated an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a report on Friday, February 7th. Finally, Citigroup decreased their price target on Microchip Technology from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Friday. Two analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.68.

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.