Retirement Systems of Alabama Boosts Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Retirement Systems of Alabama grew its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 87.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 460,767 shares of the semiconductor company’s stock after acquiring an additional 214,720 shares during the period. Retirement Systems of Alabama owned 0.09% of Microchip Technology worth $26,425,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Van ECK Associates Corp lifted its position in shares of Microchip Technology by 25.1% during the third quarter. Van ECK Associates Corp now owns 7,961,200 shares of the semiconductor company’s stock worth $599,239,000 after acquiring an additional 1,597,263 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Microchip Technology by 30.2% during the third quarter. Franklin Resources Inc. now owns 3,347,643 shares of the semiconductor company’s stock worth $264,430,000 after acquiring an additional 776,408 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Microchip Technology by 0.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,026,946 shares of the semiconductor company’s stock worth $243,034,000 after buying an additional 25,872 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Microchip Technology by 9,901.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,857,654 shares of the semiconductor company’s stock worth $163,886,000 after buying an additional 2,829,082 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Microchip Technology by 20.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,751,987 shares of the semiconductor company’s stock worth $220,957,000 after buying an additional 460,697 shares in the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.7 %

Shares of NASDAQ:MCHP opened at $53.50 on Thursday. The stock’s 50-day moving average price is $58.62 and its 200-day moving average price is $70.50. Microchip Technology Incorporated has a 12-month low of $51.37 and a 12-month high of $100.57. The stock has a market capitalization of $28.73 billion, a P/E ratio of 37.41 and a beta of 1.50. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. Microchip Technology’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period last year, the firm earned $1.54 earnings per share. On average, equities analysts anticipate that Microchip Technology Incorporated will post 1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MCHP shares. TD Cowen lowered their price objective on Microchip Technology from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. The Goldman Sachs Group lowered their price objective on Microchip Technology from $72.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday, January 10th. Bank of America downgraded Microchip Technology from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Finally, Susquehanna lowered their price objective on Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.67.

Microchip Technology 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.