New York State Common Retirement Fund Sells 3,483,491 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

New York State Common Retirement Fund decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 92.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 295,008 shares of the semiconductor company’s stock after selling 3,483,491 shares during the quarter. New York State Common Retirement Fund’s holdings in Microchip Technology were worth $23,686,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Financial Counselors Inc. lifted its stake in Microchip Technology by 1.1% in the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock worth $959,000 after purchasing an additional 119 shares during the last quarter. SeaCrest Wealth Management LLC boosted its holdings in shares of Microchip Technology by 3.3% during the second quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock worth $379,000 after purchasing an additional 131 shares during the period. Corundum Group Inc. grew its position in shares of Microchip Technology by 3.4% in the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock worth $346,000 after buying an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its holdings in Microchip Technology by 4.5% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after acquiring an additional 148 shares in the last quarter. Finally, Busey Bank increased its position in shares of Microchip Technology by 2.6% during the second quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock valued at $550,000 after buying an additional 155 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

Microchip Technology Stock Up 2.0 %

MCHP stock opened at $74.81 on Monday. The company has a market cap of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.53. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The business’s 50-day moving average is $77.40 and its two-hundred day moving average is $85.32. Microchip Technology Incorporated has a fifty-two week low of $71.76 and a fifty-two week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping 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 business’s quarterly revenue was down 45.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.56 EPS. As a group, analysts forecast that Microchip Technology Incorporated will post 1.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of recent research reports. Citigroup reduced their target price on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and cut their target price for the stock from $110.00 to $90.00 in a research note on Friday, August 2nd. Mizuho set a $95.00 price target on Microchip Technology in a research report on Friday, October 18th. JPMorgan Chase & Co. cut their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, August 2nd. Finally, TD Cowen dropped their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.89.

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.