Kentucky Retirement Systems Insurance Trust Fund Purchases 8,395 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 119.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,420 shares of the semiconductor company's stock after purchasing an additional 8,395 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Microchip Technology were worth $746,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MCHP. Norges Bank acquired a new position in shares of Microchip Technology during the 4th quarter worth $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Microchip Technology by 273.2% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company's stock worth $306,541,000 after purchasing an additional 3,912,895 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Microchip Technology by 90.0% during the 4th quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company's stock worth $364,792,000 after purchasing an additional 3,013,162 shares during the last quarter. Meritage Group LP acquired a new position in shares of Microchip Technology during the 4th quarter worth $145,033,000. Finally, Fiduciary Management Inc. WI acquired a new position in Microchip Technology in the 4th quarter valued at $119,431,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,015 shares of Microchip Technology stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $55.78, for a total transaction of $112,396.70. Following the completion of the transaction, the chief financial officer now directly owns 34,313 shares of the company's stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karlton D. Johnson sold 494 shares of Microchip Technology stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total transaction of $29,980.86. Following the transaction, the director now directly owns 3,468 shares of the company's stock, valued at $210,472.92. This represents a 12.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MCHP. Evercore ISI raised their target price on shares of Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. TD Cowen raised their target price on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, May 9th. Rosenblatt Securities raised their target price on shares of Microchip Technology from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Mizuho raised their target price on shares of Microchip Technology from $68.00 to $78.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Finally, Truist Financial raised their target price on shares of Microchip Technology from $52.00 to $64.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, six have assigned 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, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average target price of $70.15.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP traded up $1.17 during midday trading on Wednesday, reaching $71.60. 7,585,678 shares of the company's stock were exchanged, compared to its average volume of 8,878,822. The company's 50 day simple moving average is $57.44 and its two-hundred day simple moving average is $55.22. The firm has a market capitalization of $38.62 billion, a PE ratio of -7,160.00, a price-to-earnings-growth ratio of 2.10 and a beta of 1.48. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.47 and a current ratio of 2.59.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to the consensus estimate of $962.86 million. Microchip Technology had a negative net margin of 0.01% and a positive return on equity of 8.55%. The firm's revenue for the quarter was down 26.8% compared to the same quarter last year. During the same period last year, the firm earned $0.57 EPS. Equities research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.54%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology's payout ratio is -18,200.00%.

Microchip Technology Company 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.