Teachers Retirement System of The State of Kentucky Has $3.99 Million Stake in Microchip Technology Incorporated (NASDAQ:MCHP)

Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,492 shares of the semiconductor company’s stock after selling 2,575 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Microchip Technology were worth $3,991,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Bleakley Financial Group LLC lifted its stake in Microchip Technology by 1.3% in the fourth quarter. Bleakley Financial Group LLC now owns 9,415 shares of the semiconductor company’s stock valued at $849,000 after acquiring an additional 119 shares during the last quarter. Financial Counselors Inc. lifted its stake in Microchip Technology by 1.1% in the first quarter. Financial Counselors Inc. now owns 10,689 shares of the semiconductor company’s stock valued at $959,000 after acquiring an additional 119 shares during the last quarter. RFG Advisory LLC lifted its stake in Microchip Technology by 3.2% in the fourth quarter. RFG Advisory LLC now owns 3,910 shares of the semiconductor company’s stock valued at $353,000 after acquiring an additional 123 shares during the last quarter. Meridian Wealth Management LLC lifted its stake in Microchip Technology by 5.1% in the first quarter. Meridian Wealth Management LLC now owns 2,810 shares of the semiconductor company’s stock valued at $252,000 after acquiring an additional 137 shares during the last quarter. Finally, Horizon Bancorp Inc. IN lifted its stake in Microchip Technology by 11.8% in the first quarter. Horizon Bancorp Inc. IN now owns 1,370 shares of the semiconductor company’s stock valued at $123,000 after acquiring an additional 145 shares during the last quarter. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

Shares of MCHP traded down $8.94 during mid-day trading on Friday, reaching $75.43. The company had a trading volume of 17,482,866 shares, compared to its average volume of 6,510,382. The company’s 50 day simple moving average is $91.66 and its 200 day simple moving average is $89.39. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a market capitalization of $40.47 billion, a price-to-earnings ratio of 21.74 and a beta of 1.54.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 27.82%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same period last year, the company earned $1.56 EPS. The firm’s revenue was down 45.8% compared to the same quarter last year. Analysts expect that Microchip Technology Incorporated will post 2.35 EPS for the current year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Thursday, August 22nd will be given a dividend of $0.454 per share. The ex-dividend date is Thursday, August 22nd. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.41%. Microchip Technology’s dividend payout ratio (DPR) is currently 52.16%.

Insider Buying and Selling

In related news, Director Matthew W. Chapman sold 2,748 shares of Microchip Technology stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the sale, the director now directly owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Microchip Technology news, Director Matthew W. Chapman sold 2,748 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $93.88, for a total transaction of $257,982.24. Following the completion of the transaction, the director now owns 35,682 shares in the company, valued at approximately $3,349,826.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Stephen V. Drehobl sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $90.88, for a total transaction of $908,800.00. Following the transaction, the vice president now owns 82,203 shares of the company’s stock, valued at approximately $7,470,608.64. The disclosure for this sale can be found here. Insiders have sold a total of 23,993 shares of company stock worth $2,251,857 in the last ninety days. Company insiders own 2.07% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. KeyCorp increased their price objective on shares of Microchip Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Jefferies Financial Group started coverage on shares of Microchip Technology in a research report on Monday, May 13th. They set a “buy” rating and a $115.00 price target on the stock. Citigroup lowered their price target on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a research report on Friday. Stifel Nicolaus raised their price target on shares of Microchip Technology from $98.00 to $102.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Finally, Truist Financial lowered their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $99.15.

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.