Oregon Public Employees Retirement Fund Reduces Stake in Microchip Technology Inc. (MCHP)
Oregon Public Employees Retirement Fund cut its position in Microchip Technology Inc. (NASDAQ:MCHP) by 3.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 24,793 shares of the semiconductor company’s stock after selling 812 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Microchip Technology were worth $2,057,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Clarfeld Financial Advisors LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $26,000. Morgan Dempsey Capital Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $28,000. Osborn Williams & Donohoe LLC acquired a new stake in shares of Microchip Technology in the first quarter valued at $31,000. Lindbrook Capital LLC acquired a new stake in shares of Microchip Technology in the fourth quarter valued at $32,000. Finally, Parkside Financial Bank & Trust grew its stake in shares of Microchip Technology by 65.3% in the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock valued at $36,000 after buying an additional 171 shares in the last quarter.
MCHP has been the subject of a number of research reports. BidaskClub raised Microchip Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 30th. ValuEngine raised Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Needham & Company LLC lifted their price objective on Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. Citigroup reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Microchip Technology in a research note on Thursday, February 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Microchip Technology in a research note on Monday, February 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $104.32.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.40 by $0.08. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. Microchip Technology’s revenue was up 32.6% compared to the same quarter last year. During the same period last year, the business posted $1.40 earnings per share. Equities research analysts predict that Microchip Technology Inc. will post 5.6 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 21st will be issued a dividend of $0.3655 per share. This represents a $1.46 dividend on an annualized basis and a yield of 1.82%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, May 20th. Microchip Technology’s payout ratio is 24.01%.
In other Microchip Technology news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total transaction of $177,206.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director L B. Day sold 3,500 shares of Microchip Technology stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $84.82, for a total value of $296,870.00. Following the sale, the director now directly owns 9,238 shares of the company’s stock, valued at $783,567.16. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.
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About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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