Texas Permanent School Fund Trims Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Texas Permanent School Fund trimmed its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 5.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 72,117 shares of the semiconductor company’s stock after selling 4,416 shares during the period. Texas Permanent School Fund’s holdings in Microchip Technology were worth $5,419,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Catalyst Capital Advisors LLC raised its stake in shares of Microchip Technology by 83.6% in the 4th quarter. Catalyst Capital Advisors LLC now owns 303 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 138 shares during the period. Riverview Trust Co purchased a new stake in shares of Microchip Technology in the 1st quarter valued at approximately $26,000. AdvisorNet Financial Inc grew its holdings in shares of Microchip Technology by 1,083.3% in the first quarter. AdvisorNet Financial Inc now owns 355 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 325 shares in the last quarter. Tortoise Investment Management LLC grew its holdings in shares of Microchip Technology by 100.0% in the fourth quarter. Tortoise Investment Management LLC now owns 334 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 167 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. acquired a new position in shares of Microchip Technology in the fourth quarter valued at approximately $29,000. 89.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of Microchip Technology from $60.00 to $75.00 and gave the company an “equal weight” rating in a report on Wednesday. The Goldman Sachs Group dropped their price objective on shares of Microchip Technology from $76.00 to $61.00 in a report on Friday, July 15th. Bank of America dropped their price objective on shares of Microchip Technology from $85.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Mizuho lifted their price objective on shares of Microchip Technology from $72.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Truist Financial lowered their price target on shares of Microchip Technology from $94.00 to $79.00 and set a “buy” rating for the company in a report on Friday, April 8th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.73.

Insider Activity at Microchip Technology

In related news, VP Mitchell R. Little sold 1,970 shares of the company’s stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $66.29, for a total value of $130,591.30. Following the completion of the sale, the vice president now owns 16,730 shares in the company, valued at approximately $1,109,031.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Ganesh Moorthy acquired 8,000 shares of the business’s stock in a transaction on Friday, June 17th. The stock was bought at an average price of $57.29 per share, for a total transaction of $458,320.00. Following the transaction, the chief executive officer now owns 720,313 shares in the company, valued at $41,266,731.77. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mitchell R. Little sold 1,970 shares of the firm’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $66.29, for a total transaction of $130,591.30. Following the completion of the sale, the vice president now owns 16,730 shares of the company’s stock, valued at approximately $1,109,031.70. The disclosure for this sale can be found here. Insiders sold a total of 9,564 shares of company stock worth $637,217 in the last 90 days. 2.00% of the stock is owned by insiders.

Microchip Technology Trading Down 0.6 %

Shares of Microchip Technology stock opened at $72.76 on Friday. The company has a fifty day simple moving average of $63.68 and a 200-day simple moving average of $68.41. Microchip Technology Incorporated has a 12-month low of $54.33 and a 12-month high of $90.00. The company has a current ratio of 1.78, a quick ratio of 1.14 and a debt-to-equity ratio of 1.27. The stock has a market cap of $40.20 billion, a price-to-earnings ratio of 26.75, a PEG ratio of 1.14 and a beta of 1.62.

Microchip Technology (NASDAQ:MCHP – Get Rating) last issued its earnings results on Tuesday, August 2nd. The semiconductor company reported $1.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.10. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. During the same period in the previous year, the business posted $0.88 earnings per share. On average, equities analysts forecast that Microchip Technology Incorporated will post 5.15 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Investors of record on Friday, August 19th will be given a $0.301 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Thursday, August 18th. This represents a $1.20 annualized dividend and a yield of 1.65%. Microchip Technology’s dividend payout ratio is 40.44%.

About Microchip Technology

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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 microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.