Kentucky Retirement Systems Decreases Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 8.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,376 shares of the semiconductor company’s stock after selling 3,346 shares during the period. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $3,001,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MCHP. Pinnacle Associates Ltd. raised its holdings in shares of Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after purchasing an additional 35,213 shares during the last quarter. Swedbank AB bought a new stake in Microchip Technology in the 1st quarter worth approximately $1,079,000. Aigen Investment Management LP purchased a new stake in Microchip Technology during the 3rd quarter valued at $2,391,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Microchip Technology by 12.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 870,072 shares of the semiconductor company’s stock valued at $69,355,000 after buying an additional 93,464 shares during the period. Finally, ICICI Prudential Asset Management Co Ltd boosted its stake in shares of Microchip Technology by 35.1% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 65,023 shares of the semiconductor company’s stock worth $5,221,000 after buying an additional 16,906 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on MCHP shares. Citigroup reduced their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Piper Sandler reduced their target price on shares of Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. StockNews.com cut Microchip Technology from a “hold” rating to a “sell” rating in a report on Thursday, November 7th. Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a “positive” rating on the stock in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 33,257 shares in the company, valued at $2,710,445.50. The trade was a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP stock opened at $62.86 on Monday. Microchip Technology Incorporated has a fifty-two week low of $62.63 and a fifty-two week high of $100.57. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.48 and a current ratio of 0.88. The firm has a market capitalization of $33.76 billion, a price-to-earnings ratio of 43.96 and a beta of 1.53. The stock’s 50-day simple moving average is $75.65 and its 200-day simple moving average is $84.03.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the firm earned $1.54 EPS. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.90%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio (DPR) is presently 127.27%.

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.