Kentucky Retirement Systems lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP – Free Report) by 1.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 36,203 shares of the semiconductor company’s stock after selling 665 shares during the quarter. Kentucky Retirement Systems’ holdings in Microchip Technology were worth $1,753,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of MCHP. Mainstream Capital Management LLC acquired a new position in shares of Microchip Technology in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. lifted its stake in Microchip Technology by 309.5% during the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 359 shares in the last quarter. OFI Invest Asset Management acquired a new position in Microchip Technology during the fourth quarter worth $29,000. Garde Capital Inc. acquired a new position in Microchip Technology during the first quarter worth $30,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in Microchip Technology during the fourth quarter worth $34,000. Institutional investors and hedge funds own 91.51% of the company’s stock.
Microchip Technology Stock Down 0.6%
Shares of NASDAQ:MCHP opened at $68.58 on Tuesday. Microchip Technology Incorporated has a fifty-two week low of $34.13 and a fifty-two week high of $96.98. The firm’s 50 day moving average price is $56.14 and its 200 day moving average price is $55.00. The stock has a market cap of $36.99 billion, a price-to-earnings ratio of -6,858.00, a price-to-earnings-growth ratio of 2.05 and a beta of 1.48. The company has a quick ratio of 1.47, a current ratio of 2.59 and a debt-to-equity ratio of 0.80.
Microchip Technology Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Thursday, May 22nd. Microchip Technology’s dividend payout ratio is presently -18,200.00%.
Insider Buying and Selling at Microchip Technology
In other news, Director Karlton D. Johnson sold 494 shares of the firm’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total transaction of $29,980.86. Following the sale, the director now owns 3,468 shares of the company’s stock, valued at approximately $210,472.92. This trade represents a 12.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the firm’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $55.78, for a total value of $112,396.70. Following the sale, the chief financial officer now directly owns 34,313 shares in the company, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.
Wall Street Analyst Weigh In
MCHP has been the topic of a number of research reports. TD Cowen upped their price target on Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, May 9th. UBS Group increased their target price on Microchip Technology from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Truist Financial increased their price target on shares of Microchip Technology from $52.00 to $64.00 and gave the stock a “hold” rating in a research report on Wednesday, June 18th. Bank of America raised shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a research report on Friday, May 9th. Finally, B. Riley increased their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Microchip Technology presently has an average rating of “Moderate Buy” and a consensus price target of $70.15.
Read Our Latest Stock Analysis on Microchip Technology
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.
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