Kentucky Retirement Systems Insurance Trust Fund Has $1.28 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems Insurance Trust Fund lowered its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 8.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,885 shares of the semiconductor company’s stock after selling 1,545 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Microchip Technology were worth $1,275,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. SeaCrest Wealth Management LLC boosted its position in Microchip Technology by 3.3% in the 2nd quarter. SeaCrest Wealth Management LLC now owns 4,147 shares of the semiconductor company’s stock valued at $379,000 after buying an additional 131 shares during the last quarter. Corundum Group Inc. raised its position in shares of Microchip Technology by 3.4% during the 3rd quarter. Corundum Group Inc. now owns 4,315 shares of the semiconductor company’s stock valued at $346,000 after acquiring an additional 143 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Microchip Technology by 4.5% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,470 shares of the semiconductor company’s stock valued at $318,000 after purchasing an additional 148 shares during the period. Busey Bank boosted its position in shares of Microchip Technology by 2.6% in the 2nd quarter. Busey Bank now owns 6,006 shares of the semiconductor company’s stock worth $550,000 after purchasing an additional 155 shares during the last quarter. Finally, Financial Advocates Investment Management grew its stake in shares of Microchip Technology by 1.5% during the third quarter. Financial Advocates Investment Management now owns 10,795 shares of the semiconductor company’s stock worth $867,000 after purchasing an additional 158 shares during the period. Institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling at Microchip Technology

In other news, CFO James Eric Bjornholt sold 2,154 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. This trade represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Microchip Technology Trading Down 4.2 %

Shares of NASDAQ:MCHP opened at $62.86 on Monday. The stock has a market capitalization of $33.76 billion, a PE ratio of 43.96 and a beta of 1.53. The company’s 50-day moving average price is $75.65 and its two-hundred day moving average price is $84.03. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 0.48. Microchip Technology Incorporated has a one year low of $62.63 and a one year high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The business’s quarterly revenue was down 48.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.54 earnings per share. On average, equities analysts forecast that Microchip Technology Incorporated will post 1.38 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Friday, November 22nd. Microchip Technology’s dividend payout ratio is 127.27%.

Analyst Ratings Changes

Several equities analysts have weighed in on MCHP shares. KeyCorp cut their target price on Microchip Technology from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Jefferies Financial Group decreased their price objective on shares of Microchip Technology from $100.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. StockNews.com downgraded shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Thursday, November 7th. Bank of America cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $110.00 to $90.00 in a research report on Friday, August 2nd. Finally, Mizuho set a $95.00 target price on Microchip Technology in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Microchip Technology presently has a consensus rating of “Moderate Buy” and an average target price of $92.00.

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.