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

Microchip Technology logo with Computer and Technology background

Teachers Retirement System of The State of Kentucky decreased its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 83.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,067 shares of the semiconductor company's stock after selling 236,875 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Microchip Technology were worth $4,244,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BKM Wealth Management LLC bought a new position in shares of Microchip Technology in the 4th quarter worth $27,000. Rakuten Securities Inc. bought a new position in shares of Microchip Technology in the 4th quarter worth $27,000. Fortitude Family Office LLC purchased a new stake in shares of Microchip Technology in the 4th quarter valued at $29,000. Operose Advisors LLC boosted its stake in shares of Microchip Technology by 79.3% in the 3rd quarter. Operose Advisors LLC now owns 502 shares of the semiconductor company's stock valued at $39,000 after purchasing an additional 222 shares in the last quarter. Finally, Bfsg LLC purchased a new stake in shares of Microchip Technology in the 4th quarter valued at $45,000. Institutional investors own 91.51% of the company's stock.

Insider Transactions at Microchip Technology

In related news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were 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 in the company, valued at $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Stephen V. Drehobl sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 8th. The shares were 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 in the company, valued at $7,470,608.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 3,188 shares of the company's stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $99.98, for a total transaction of $318,736.24. Following the sale, the chief financial officer now directly owns 33,257 shares of the company's stock, valued at $3,325,034.86. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,993 shares of company stock worth $2,251,857. Corporate insiders own 2.07% of the company's stock.


Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MCHP. The Goldman Sachs Group upped their price objective on shares of Microchip Technology from $77.00 to $88.00 and gave the company a "neutral" rating in a research note on Tuesday, May 7th. Jefferies Financial Group began coverage on shares of Microchip Technology in a research note on Monday, May 13th. They issued a "buy" rating and a $115.00 price objective for the company. TD Cowen upped their price objective on shares of Microchip Technology from $80.00 to $90.00 and gave the company a "hold" rating in a research note on Tuesday, May 7th. Susquehanna upped their price objective on shares of Microchip Technology from $100.00 to $105.00 and gave the company a "positive" rating in a research note on Tuesday, May 7th. Finally, Stifel Nicolaus upped their price objective on shares of Microchip Technology from $98.00 to $102.00 and gave the company a "buy" rating in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average price target of $101.06.

Check Out Our Latest Research Report on MCHP

Microchip Technology Trading Up 2.7 %

Shares of NASDAQ MCHP traded up $2.43 during midday trading on Tuesday, hitting $93.45. 4,933,132 shares of the company traded hands, compared to its average volume of 5,695,813. Microchip Technology Incorporated has a 12-month low of $68.75 and a 12-month high of $100.57. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.67 and a current ratio of 1.20. The stock has a 50-day moving average price of $92.26 and a 200 day moving average price of $88.87. The firm has a market cap of $50.17 billion, a P/E ratio of 26.93 and a beta of 1.55.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.57 earnings per share for the quarter, hitting analysts' consensus estimates of $0.57. The business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.33 billion. Microchip Technology had a net margin of 24.98% and a return on equity of 36.78%. The business's revenue was down 40.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.56 earnings per share. As a group, analysts expect that Microchip Technology Incorporated will post 2.35 earnings per share for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 5th. Stockholders of record on Wednesday, May 22nd were paid a $0.452 dividend. This represents a $1.81 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Tuesday, May 21st. This is an increase from Microchip Technology's previous quarterly dividend of $0.45. Microchip Technology's dividend payout ratio is currently 52.16%.

Microchip Technology Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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