Kentucky Retirement Systems Has $3.68 Million Holdings in Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,039 shares of the semiconductor company’s stock after selling 2,250 shares during the period. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $3,682,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MCHP. Norges Bank bought a new position in Microchip Technology during the fourth quarter worth $672,196,000. Clearbridge Investments LLC lifted its stake in shares of Microchip Technology by 18,944.8% during the 1st quarter. Clearbridge Investments LLC now owns 1,973,045 shares of the semiconductor company’s stock worth $177,002,000 after buying an additional 1,962,685 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Microchip Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after buying an additional 1,921,497 shares during the period. Truist Financial Corp grew its stake in Microchip Technology by 324.0% in the 4th quarter. Truist Financial Corp now owns 1,815,013 shares of the semiconductor company’s stock valued at $163,678,000 after buying an additional 1,386,924 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Microchip Technology by 425.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock valued at $123,540,000 after acquiring an additional 1,114,962 shares during the period. 91.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the subject of a number of research analyst reports. Mizuho upgraded Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $115.00 in a report on Friday, May 24th. KeyCorp boosted their price target on Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Morgan Stanley lowered Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $102.00 to $100.00 in a report on Thursday, July 11th. UBS Group lifted their target price on Microchip Technology from $95.00 to $103.00 and gave the stock a “buy” rating in a report on Tuesday, May 7th. Finally, Truist Financial upped their price target on shares of Microchip Technology from $93.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $102.17.

Insider Buying and Selling

In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the sale, the vice president now owns 79,509 shares of the company’s stock, valued at $7,558,125.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Matthew W. Chapman sold 2,748 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $93.88, for a total value of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares of the company’s stock, valued at $3,349,826.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $95.06, for a total transaction of $744,319.80. Following the completion of the transaction, the vice president now owns 79,509 shares of the company’s stock, valued at approximately $7,558,125.54. The disclosure for this sale can be found here. Insiders sold a total of 23,993 shares of company stock worth $2,251,857 in the last three months. 2.07% of the stock is owned by corporate insiders.

Microchip Technology Price Performance

MCHP traded up $1.80 during trading on Friday, hitting $86.83. 5,590,310 shares of the stock traded hands, compared to its average volume of 5,836,401. The business has a 50 day moving average price of $92.96 and a 200 day moving average price of $89.45. The company has a market cap of $46.59 billion, a price-to-earnings ratio of 25.02 and a beta of 1.54. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.20 and a quick ratio of 0.67.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, hitting analysts’ consensus estimates of $0.57. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the previous year, the firm earned $1.56 EPS. Microchip Technology’s revenue was down 40.6% on a year-over-year basis. Equities research analysts forecast that Microchip Technology Incorporated will post 2.35 earnings per share for the current fiscal year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 5th. Investors of record on Wednesday, May 22nd were issued a dividend of $0.452 per share. The ex-dividend date of this dividend was Tuesday, May 21st. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.81 annualized dividend and a dividend yield of 2.08%. Microchip Technology’s payout ratio is 52.16%.

About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells 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 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.