Kentucky Retirement Systems Insurance Trust Fund Sells 8,860 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems Insurance Trust Fund decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 55.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 7,025 shares of the semiconductor company’s stock after selling 8,860 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Microchip Technology were worth $403,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pallas Capital Advisors LLC bought a new position in shares of Microchip Technology during the 4th quarter worth $5,917,000. Consolidated Planning Corp bought a new position in shares of Microchip Technology during the 4th quarter worth $308,000. Quadrature Capital Ltd bought a new position in shares of Microchip Technology during the 3rd quarter worth $3,312,000. Symphony Financial Ltd. Co. bought a new position in shares of Microchip Technology during the 4th quarter worth $520,000. Finally, Benjamin Edwards Inc. grew its stake in shares of Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock worth $755,000 after acquiring an additional 9,230 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of NASDAQ MCHP opened at $63.59 on Thursday. The stock has a market cap of $34.20 billion, a price-to-earnings ratio of 113.55 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 1-year low of $50.21 and a 1-year high of $100.57. The stock’s 50-day moving average is $56.58 and its 200 day moving average is $68.22.

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

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Monday, February 24th will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.82 annualized dividend and a yield of 2.86%. Microchip Technology’s payout ratio is 325.00%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MCHP. Raymond James reiterated a “strong-buy” rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Jefferies Financial Group dropped their price objective on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Citigroup dropped their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Morgan Stanley dropped their price objective on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Finally, Mizuho dropped their price objective on Microchip Technology from $85.00 to $72.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $77.11.

About Microchip Technology

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.