Kentucky Retirement Systems Sells 508 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems decreased its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,868 shares of the semiconductor company’s stock after selling 508 shares during the quarter. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $2,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prospera Private Wealth LLC bought a new stake in Microchip Technology during the 3rd quarter valued at about $29,000. Peterson Financial Group Inc. purchased a new position in Microchip Technology during the 3rd quarter valued at about $34,000. Truvestments Capital LLC purchased a new position in Microchip Technology during the 3rd quarter valued at about $34,000. Financial Life Planners purchased a new position in Microchip Technology during the 4th quarter valued at about $32,000. Finally, Hobbs Group Advisors LLC increased its position in Microchip Technology by 390.6% during the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $61.07 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12. Microchip Technology Incorporated has a 12 month low of $50.21 and a 12 month high of $100.57. The company has a 50 day simple moving average of $56.70 and a two-hundred day simple moving average of $68.07. The stock has a market cap of $32.84 billion, a price-to-earnings ratio of 109.05 and a beta of 1.50.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. As a group, analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Monday, February 24th will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.98%. The ex-dividend date is Monday, February 24th. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MCHP. KeyCorp cut their target price on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Piper Sandler reissued an “overweight” rating and set a $65.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Raymond James reissued a “strong-buy” rating and set a $60.00 target price (down previously from $95.00) on shares of Microchip Technology in a research report on Friday, February 7th. Morgan Stanley cut their target price on shares of Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Finally, Needham & Company LLC cut their target price on shares of Microchip Technology from $85.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $77.11.

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.