South Dakota Investment Council Has $2.62 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

South Dakota Investment Council lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 24.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 29,019 shares of the semiconductor company’s stock after buying an additional 5,700 shares during the period. South Dakota Investment Council’s holdings in Microchip Technology were worth $2,617,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. OFI Invest Asset Management bought a new stake in shares of Microchip Technology in the 3rd quarter valued at about $26,000. BKM Wealth Management LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $27,000. Rakuten Securities Inc. bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $27,000. Fortitude Family Office LLC bought a new stake in shares of Microchip Technology in the 4th quarter valued at about $29,000. Finally, Milestone Investment Advisors LLC bought a new stake in shares of Microchip Technology in the 3rd quarter valued at about $36,000. Institutional investors own 91.51% of the company’s stock.

Insider Activity at Microchip Technology

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

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $90.68 on Thursday. The company has a market cap of $49.00 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 2.63 and a beta of 1.65. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The business has a 50 day moving average price of $86.81 and a 200-day moving average price of $84.50. The company has a quick ratio of 0.58, a current ratio of 0.98 and a debt-to-equity ratio of 0.57.

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

Microchip Technology Increases Dividend

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

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Piper Sandler lowered Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Thursday, January 4th. UBS Group cut their target price on Microchip Technology from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. The Goldman Sachs Group cut their target price on Microchip Technology from $87.00 to $77.00 and set a “neutral” rating on the stock in a research report on Friday, February 2nd. Wolfe Research upgraded Microchip Technology from a “peer perform” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, January 18th. Finally, Stifel Nicolaus upped their target price on Microchip Technology from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.50.

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.