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

Kentucky Retirement Systems cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 0.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 40,722 shares of the semiconductor company’s stock after selling 317 shares during the period. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $3,726,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Swedbank AB acquired a new position in Microchip Technology during the first quarter valued at approximately $1,079,000. Caxton Associates LP lifted its position in shares of Microchip Technology by 4,511.5% in the fourth quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after buying an additional 391,326 shares during the last quarter. SageView Advisory Group LLC lifted its position in shares of Microchip Technology by 507.5% in the first quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after buying an additional 14,458 shares during the last quarter. RFG Advisory LLC lifted its position in shares of Microchip Technology by 228.4% in the first quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock valued at $1,152,000 after buying an additional 8,931 shares during the last quarter. Finally, Hennessy Advisors Inc. lifted its position in shares of Microchip Technology by 2,194.5% in the first quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock valued at $3,001,000 after buying an additional 31,996 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MCHP shares. JPMorgan Chase & Co. cut their price objective on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, August 2nd. Susquehanna lowered their target price on Microchip Technology from $115.00 to $105.00 and set a “positive” rating on the stock in a research note on Friday, August 2nd. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. Citigroup lowered their target price on Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $110.00 to $90.00 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.95.

Insider Activity at Microchip Technology

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 transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at approximately $2,710,445.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.07% of the stock is currently owned by company insiders.

Microchip Technology Trading Up 3.2 %

NASDAQ MCHP opened at $78.83 on Friday. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a twelve month low of $68.75 and a twelve month high of $100.57. The company has a market cap of $42.29 billion, a price-to-earnings ratio of 22.72 and a beta of 1.53. The business’s fifty day moving average is $81.46 and its 200 day moving average is $87.80.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business posted $1.56 EPS. Microchip Technology’s revenue for the quarter was down 45.8% on a year-over-year basis. As a group, sell-side analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

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.