Kentucky Retirement Systems Insurance Trust Fund Reduces Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,833 shares of the semiconductor company’s stock after selling 1,442 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Microchip Technology were worth $1,600,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in Microchip Technology by 17.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after acquiring an additional 673,992 shares during the last quarter. LRI Investments LLC purchased a new position in shares of Microchip Technology during the 1st quarter worth approximately $262,000. 1832 Asset Management L.P. increased its stake in shares of Microchip Technology by 183,762.8% during the 1st quarter. 1832 Asset Management L.P. now owns 676,615 shares of the semiconductor company’s stock worth $60,699,000 after purchasing an additional 676,247 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Microchip Technology by 425.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,377,099 shares of the semiconductor company’s stock worth $123,540,000 after purchasing an additional 1,114,962 shares during the last quarter. Finally, First Commonwealth Financial Corp PA lifted its stake in Microchip Technology by 13.5% in the 1st quarter. First Commonwealth Financial Corp PA now owns 9,013 shares of the semiconductor company’s stock valued at $809,000 after buying an additional 1,071 shares in the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 2.1 %

NASDAQ MCHP traded up $1.80 during mid-day trading on Friday, reaching $86.83. 5,590,310 shares of the company’s stock traded hands, compared to its average volume of 5,836,401. The company has a current ratio of 1.20, a quick ratio of 0.67 and a debt-to-equity ratio of 0.75. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a fifty day simple moving average of $92.96 and a 200-day simple moving average 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 (NASDAQ:MCHP) last released its earnings results on Monday, May 6th. The semiconductor company reported $0.57 EPS for the quarter, meeting the consensus estimate of $0.57. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 36.78% and a net margin of 24.98%. The business’s revenue was down 40.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 EPS. As a group, equities research analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

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

Analyst Ratings Changes

A number of research firms have recently weighed in on MCHP. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $85.00 to $115.00 in a report on Friday, May 24th. B. Riley raised their price target on shares of Microchip Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Jefferies Financial Group started coverage on shares of Microchip Technology in a report on Monday, May 13th. They set a “buy” rating and a $115.00 price target for the company. Evercore ISI assumed coverage on shares of Microchip Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $106.00 price objective on the stock. Finally, TD Cowen lifted their price target on shares of Microchip Technology from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.17.

Insider Transactions at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now directly owns 82,203 shares of the company’s stock, valued at $7,470,608.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Microchip Technology news, VP Stephen V. Drehobl sold 7,830 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $95.06, for a total value of $744,319.80. Following the sale, the vice president now directly owns 79,509 shares in the company, valued at $7,558,125.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $90.88, for a total value of $908,800.00. Following the completion of the sale, the vice president now owns 82,203 shares in the company, valued at $7,470,608.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,993 shares of company stock valued at $2,251,857. Insiders own 2.07% of the company’s stock.

Microchip Technology Profile

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.