Teachers Retirement System of The State of Kentucky Lowers Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Teachers Retirement System of The State of Kentucky cut its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 6.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,507 shares of the semiconductor company’s stock after selling 2,731 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Microchip Technology were worth $3,252,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of MCHP. Prospera Private Wealth LLC purchased a new stake in Microchip Technology in the third quarter worth about $29,000. Peterson Financial Group Inc. purchased a new stake in shares of Microchip Technology in the 3rd quarter worth approximately $34,000. Truvestments Capital LLC bought a new position in Microchip Technology during the 3rd quarter valued at approximately $34,000. Wolff Wiese Magana LLC raised its stake in Microchip Technology by 55.2% during the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares during the last quarter. Finally, Family Firm Inc. purchased a new position in Microchip Technology during the second quarter valued at $62,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $59.93 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $32.18 billion, a PE ratio of 41.91 and a beta of 1.50. The firm’s 50 day moving average price is $70.49 and its 200-day moving average price is $79.91. Microchip Technology Incorporated has a twelve month low of $57.96 and a twelve month high of $100.57.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The company’s quarterly revenue was down 48.4% on a year-over-year basis. During the same period last year, the firm earned $1.54 earnings per share. Equities research analysts expect that Microchip Technology Incorporated will post 1.33 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 3.04%. The ex-dividend date was Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. Microchip Technology’s payout ratio is currently 127.27%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Piper Sandler reduced their price target on Microchip Technology from $100.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. Rosenblatt Securities restated a “buy” rating and set a $90.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Friday. Mizuho set a $95.00 price target on shares of Microchip Technology in a research report on Friday, October 18th. Finally, Citigroup lowered their price objective on Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.95.

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.