Maryland State Retirement & Pension System Has $1.62 Million Stock Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Maryland State Retirement & Pension System lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 28,314 shares of the semiconductor company’s stock after selling 1,909 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Microchip Technology were worth $1,624,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Coldstream Capital Management Inc. raised its stake in Microchip Technology by 2.4% in the 3rd quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock worth $878,000 after purchasing an additional 260 shares in the last quarter. EP Wealth Advisors LLC raised its stake in Microchip Technology by 1.8% in the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock worth $1,182,000 after purchasing an additional 264 shares in the last quarter. Lebenthal Global Advisors LLC raised its stake in Microchip Technology by 7.3% in the 4th quarter. Lebenthal Global Advisors LLC now owns 3,894 shares of the semiconductor company’s stock worth $223,000 after purchasing an additional 266 shares in the last quarter. Leelyn Smith LLC raised its stake in Microchip Technology by 2.2% in the 3rd quarter. Leelyn Smith LLC now owns 12,401 shares of the semiconductor company’s stock worth $996,000 after purchasing an additional 268 shares in the last quarter. Finally, First Commonwealth Financial Corp PA raised its stake in Microchip Technology by 2.5% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 11,342 shares of the semiconductor company’s stock worth $911,000 after purchasing an additional 279 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MCHP shares. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Monday, February 10th. Piper Sandler reiterated an “overweight” rating and issued a $65.00 price objective (down previously from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Bank of America lowered shares of Microchip Technology from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $80.00 to $65.00 in a report on Monday, December 16th. Needham & Company LLC raised their target price on shares of Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday, March 4th. Finally, KeyCorp decreased their target price 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. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology presently has an average rating of “Moderate Buy” and an average target price of $74.37.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 3,724 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value of $226,717.12. Following the transaction, the chief financial officer now owns 33,272 shares in the company, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.10% of the company’s stock.

Microchip Technology Trading Up 1.4 %

MCHP opened at $51.72 on Friday. Microchip Technology Incorporated has a fifty-two week low of $49.92 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.25 and a quick ratio of 1.23. The firm has a market capitalization of $27.82 billion, a price-to-earnings ratio of 92.36 and a beta of 1.52. The company’s 50 day moving average price is $56.17 and its two-hundred day moving average price is $64.82.

Microchip Technology (NASDAQ:MCHP) last posted 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, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date was Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Microchip Technology Company Profile

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.