Microchip Technology Incorporated (NASDAQ:MCHP) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.2% in the third quarter, HoldingsChannel reports. The fund owned 37,376 shares of the semiconductor company’s stock after selling 3,346 shares during the quarter. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $3,001,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MCHP. Empowered Funds LLC lifted its position in shares of Microchip Technology by 25.7% during the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock valued at $7,721,000 after buying an additional 19,663 shares in the last quarter. Empirical Finance LLC lifted its holdings in Microchip Technology by 2.1% during the third quarter. Empirical Finance LLC now owns 18,650 shares of the semiconductor company’s stock valued at $1,497,000 after purchasing an additional 384 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Microchip Technology by 63.7% in the third quarter. CIBC Asset Management Inc now owns 260,683 shares of the semiconductor company’s stock valued at $20,930,000 after purchasing an additional 101,453 shares during the period. OneDigital Investment Advisors LLC increased its stake in shares of Microchip Technology by 6.7% during the third quarter. OneDigital Investment Advisors LLC now owns 4,458 shares of the semiconductor company’s stock worth $358,000 after purchasing an additional 280 shares in the last quarter. Finally, Lifeworks Advisors LLC raised its position in shares of Microchip Technology by 35.0% during the 3rd quarter. Lifeworks Advisors LLC now owns 20,638 shares of the semiconductor company’s stock worth $1,657,000 after purchasing an additional 5,350 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Down 4.2 %

Shares of MCHP opened at $62.86 on Monday. The company has a current ratio of 0.88, a quick ratio of 0.48 and a debt-to-equity ratio of 0.71. The firm has a market cap of $33.76 billion, a P/E ratio of 43.96 and a beta of 1.53. The company’s 50-day moving average price is $75.65 and its 200 day moving average price is $84.03. Microchip Technology Incorporated has a 12-month low of $62.63 and a 12-month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the business posted $1.54 earnings per share. Microchip Technology’s revenue was down 48.4% compared to the same quarter last year. On average, sell-side analysts forecast that Microchip Technology Incorporated will post 1.38 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.90%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, November 22nd. Microchip Technology’s dividend payout ratio is presently 127.27%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology 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 sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 6.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on MCHP shares. Needham & Company LLC reduced their target price on Microchip Technology from $96.00 to $85.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. B. Riley decreased their price objective on Microchip Technology from $110.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 target price (down previously from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. StockNews.com cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research report on Thursday, November 7th. Finally, KeyCorp lowered their price target on shares of Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.