Kentucky Retirement Systems Trims Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 1.4% in the fourth quarter, according to the company in its most recent disclosure 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 period. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $2,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pallas Capital Advisors LLC purchased a new stake in shares of Microchip Technology in the fourth quarter worth $5,917,000. Consolidated Planning Corp purchased a new stake in shares of Microchip Technology in the fourth quarter worth $308,000. Quadrature Capital Ltd purchased a new stake in shares of Microchip Technology in the third quarter worth $3,312,000. Symphony Financial Ltd. Co. purchased a new stake in shares of Microchip Technology in the fourth quarter worth $520,000. Finally, Benjamin Edwards Inc. grew its stake in Microchip Technology by 5,185.4% during the third quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after acquiring an additional 9,230 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MCHP. Piper Sandler reaffirmed an “overweight” rating and set a $65.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Evercore ISI reaffirmed an “outperform” rating and set a $95.00 target price (down from $101.00) on shares of Microchip Technology in a research note on Wednesday, November 6th. TD Cowen cut their target price on shares of Microchip Technology from $80.00 to $70.00 and set a “hold” rating for the company 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 note on Monday, February 10th. Finally, B. Riley reaffirmed a “buy” rating and set a $75.00 target price (down from $85.00) on shares of Microchip Technology in a research note on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued 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.com, Microchip Technology currently has an average rating of “Moderate Buy” and a consensus price target of $77.11.

Microchip Technology Price Performance

Microchip Technology stock opened at $61.07 on Friday. The firm has a 50-day moving average price of $56.70 and a 200-day moving average price of $68.07. The firm has a market capitalization of $32.84 billion, a PE ratio of 109.05 and a beta of 1.50. 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.

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

Microchip Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Monday, February 24th will be issued a $0.455 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 2.98%. Microchip Technology’s dividend payout ratio (DPR) is presently 325.00%.

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.