Kentucky Retirement Systems Has $3.73 Million Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,722 shares of the semiconductor company’s stock after selling 317 shares during the quarter. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $3,726,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCHP. Gilbert & Cook Inc. grew its holdings in Microchip Technology by 8.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,354 shares of the semiconductor company’s stock valued at $483,000 after buying an additional 421 shares during the last quarter. D.A. Davidson & CO. grew its holdings in shares of Microchip Technology by 82.6% during the 4th quarter. D.A. Davidson & CO. now owns 11,284 shares of the semiconductor company’s stock worth $1,018,000 after purchasing an additional 5,103 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Microchip Technology by 7.3% during the 4th quarter. Assetmark Inc. now owns 46,155 shares of the semiconductor company’s stock worth $4,162,000 after purchasing an additional 3,135 shares in the last quarter. WBI Investments LLC acquired a new stake in shares of Microchip Technology during the 4th quarter worth approximately $1,106,000. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in shares of Microchip Technology by 5.4% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 41,269 shares of the semiconductor company’s stock worth $3,722,000 after purchasing an additional 2,107 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly 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 Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Trading Up 3.2 %

NASDAQ MCHP opened at $78.83 on Friday. The stock has a 50-day simple moving average of $81.46 and a 200 day simple moving average of $87.80. The company has a market capitalization of $42.29 billion, a PE ratio of 22.72 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The company had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same period in the prior year, the company earned $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. Research analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is 52.16%.

Analysts Set New Price Targets

Several analysts recently commented on MCHP shares. Truist Financial decreased their price target on Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price target for the company from $110.00 to $90.00 in a research note on Friday, August 2nd. TD Cowen decreased their price target on Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, B. Riley reduced their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.95.

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.