State of New Jersey Common Pension Fund D Sells 110,353 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

State of New Jersey Common Pension Fund D lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 36.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 193,907 shares of the semiconductor company’s stock after selling 110,353 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Microchip Technology were worth $17,742,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB purchased a new stake in shares of Microchip Technology during the 1st quarter valued at about $1,079,000. Caxton Associates LP boosted its holdings in shares of Microchip Technology by 4,511.5% during the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after acquiring an additional 391,326 shares during the last quarter. SageView Advisory Group LLC boosted its holdings in shares of Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after acquiring an additional 14,458 shares during the last quarter. RFG Advisory LLC boosted its holdings in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after acquiring an additional 8,931 shares during the last quarter. Finally, Hennessy Advisors Inc. boosted its holdings in shares of Microchip Technology by 2,194.5% during the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after acquiring an additional 31,996 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MCHP. B. Riley dropped their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. JPMorgan Chase & Co. dropped their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Bank of America downgraded shares of Microchip Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Truist Financial dropped their price objective on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Finally, Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology Trading Down 1.8 %

Microchip Technology stock opened at $76.08 on Friday. The stock has a market cap of $40.82 billion, a P/E ratio of 21.93 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.94 and a quick ratio of 1.08. Microchip Technology Incorporated has a 1 year low of $68.75 and a 1 year high of $100.57. The firm’s 50 day moving average price is $83.04 and its 200-day moving average price is $88.02.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.56 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post 1.74 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.454 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.39%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s dividend payout ratio (DPR) is presently 52.16%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.07% of the stock is currently owned by company insiders.

About Microchip Technology

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.