Public Employees Retirement Association of Colorado increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Get Rating) by 94.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,603,373 shares of the semiconductor company’s stock after acquiring an additional 777,911 shares during the quarter. Public Employees Retirement Association of Colorado owned approximately 0.29% of Microchip Technology worth $139,590,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Avity Investment Management Inc. acquired a new stake in shares of Microchip Technology in the fourth quarter worth $226,000. Redpoint Investment Management Pty Ltd boosted its position in shares of Microchip Technology by 100.0% in the fourth quarter. Redpoint Investment Management Pty Ltd now owns 14,372 shares of the semiconductor company’s stock worth $1,251,000 after buying an additional 7,186 shares during the period. Studio Investment Management LLC acquired a new stake in shares of Microchip Technology in the third quarter worth $3,476,000. HighTower Advisors LLC boosted its position in shares of Microchip Technology by 46.1% in the third quarter. HighTower Advisors LLC now owns 17,442 shares of the semiconductor company’s stock worth $2,675,000 after buying an additional 5,504 shares during the period. Finally, Robeco Schweiz AG boosted its position in shares of Microchip Technology by 102.3% in the fourth quarter. Robeco Schweiz AG now owns 171,565 shares of the semiconductor company’s stock worth $14,936,000 after buying an additional 86,744 shares during the period. Institutional investors and hedge funds own 89.36% of the company’s stock.
Shares of Microchip Technology stock traded up $3.27 during trading on Tuesday, reaching $69.20. The company’s stock had a trading volume of 5,024,885 shares, compared to its average volume of 5,217,586. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.14 and a current ratio of 1.75. The business’s fifty day moving average price is $70.01 and its 200-day moving average price is $76.42. The firm has a market cap of $38.47 billion, a price-to-earnings ratio of 30.55, a price-to-earnings-growth ratio of 0.62 and a beta of 1.56. Microchip Technology Incorporated has a one year low of $63.34 and a one year high of $90.00.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Friday, May 20th will be paid a dividend of $0.276 per share. This represents a $1.10 annualized dividend and a yield of 1.60%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, May 19th. Microchip Technology’s payout ratio is currently 44.59%.
MCHP has been the subject of several recent analyst reports. Susquehanna reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Friday, February 4th. B. Riley reduced their price objective on Microchip Technology from $105.00 to $85.00 in a research report on Tuesday, May 10th. Truist Financial reduced their price objective on Microchip Technology from $94.00 to $79.00 and set a “buy” rating for the company in a research report on Friday, April 8th. Wells Fargo & Company reduced their price objective on Microchip Technology from $80.00 to $70.00 in a research report on Tuesday, May 10th. Finally, Citigroup reduced their price objective on Microchip Technology from $78.00 to $72.00 in a research report on Tuesday, May 10th. Six analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology presently has an average rating of “Buy” and an average price target of $93.81.
In related news, VP Mitchell R. Little sold 3,613 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $70.93, for a total transaction of $256,270.09. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 1,885 shares of the business’s stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $70.93, for a total value of $133,703.05. The disclosure for this sale can be found here. Insiders have sold 7,092 shares of company stock worth $500,909 over the last 90 days. Corporate insiders own 2.03% of the company’s stock.
About Microchip Technology (Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications 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.
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