Utah Retirement Systems continued to hold its position in Microchip Technology Incorporated (NASDAQ:MCHP) during the first quarter, Holdings Channel reports. The firm owned 38,444 shares of the semiconductor company’s stock at the end of the first quarter. Utah Retirement Systems’ holdings in Microchip Technology were worth $2,837,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cantab Capital Partners LLP raised its position in Microchip Technology by 33.0% in the fourth quarter. Cantab Capital Partners LLP now owns 14,092 shares of the semiconductor company’s stock worth $904,000 after buying an additional 3,493 shares in the last quarter. Flinton Capital Management LLC bought a new position in Microchip Technology during the fourth quarter worth about $679,000. Shelton Capital Management bought a new position in Microchip Technology during the fourth quarter worth about $925,000. Cavalry Management Group LLC bought a new position in Microchip Technology during the fourth quarter worth about $5,379,000. Finally, Gideon Capital Advisors Inc. bought a new position in Microchip Technology during the fourth quarter worth about $310,000. Institutional investors and hedge funds own 98.66% of the company’s stock.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

Microchip Technology Incorporated (NASDAQ:MCHP) traded down 0.42% during mid-day trading on Friday, hitting $81.23. The stock had a trading volume of 4,066,842 shares. The firm has a market cap of $18.63 billion, a P/E ratio of 115.22 and a beta of 1.05. The stock has a 50 day moving average of $80.58 and a 200-day moving average of $72.56. Microchip Technology Incorporated has a 1-year low of $47.81 and a 1-year high of $87.49.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, May 9th. The semiconductor company reported $1.16 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.10. The firm had revenue of $902.70 million for the quarter, compared to analyst estimates of $891.14 million. Microchip Technology had a return on equity of 31.64% and a net margin of 4.83%. The business’s quarterly revenue was up 61.9% compared to the same quarter last year. During the same period last year, the company earned $0.70 EPS. Analysts predict that Microchip Technology Incorporated will post $4.96 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 6th. Shareholders of record on Tuesday, May 23rd were given a $0.3615 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.78%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Friday, May 19th. Microchip Technology’s dividend payout ratio (DPR) is presently 226.57%.

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A number of research analysts recently issued reports on the company. Credit Suisse Group restated an “outperform” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Wednesday, June 7th. Mizuho reaffirmed a “neutral” rating and set a $80.00 target price (up previously from $75.00) on shares of Microchip Technology in a research note on Wednesday, June 7th. Stifel Nicolaus lifted their target price on Microchip Technology from $88.00 to $89.00 and gave the company a “buy” rating in a research note on Tuesday, June 6th. B. Riley reaffirmed a “buy” rating and set a $115.00 target price on shares of Microchip Technology in a research note on Tuesday, June 6th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $102.00 target price (up previously from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Six equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $85.25.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $319,072.46. Following the transaction, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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