1,191,064 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,191,064 shares of the semiconductor company’s stock, valued at approximately $68,308,000. Renaissance Technologies LLC owned 0.22% of Microchip Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. EP Wealth Advisors LLC increased its holdings in shares of Microchip Technology by 1.8% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,725 shares of the semiconductor company’s stock worth $1,182,000 after buying an additional 264 shares during the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Microchip Technology by 2.4% in the third quarter. Coldstream Capital Management Inc. now owns 11,052 shares of the semiconductor company’s stock valued at $878,000 after purchasing an additional 260 shares in the last quarter. Hobbs Group Advisors LLC boosted its holdings in shares of Microchip Technology by 390.6% in the 3rd quarter. Hobbs Group Advisors LLC now owns 628 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 500 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of Microchip Technology by 5.6% during the 3rd quarter. TD Private Client Wealth LLC now owns 33,175 shares of the semiconductor company’s stock valued at $2,664,000 after acquiring an additional 1,760 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Microchip Technology during the 3rd quarter worth $491,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Microchip Technology Trading Up 27.1 %

Shares of NASDAQ MCHP opened at $44.90 on Thursday. The stock has a market capitalization of $24.15 billion, a P/E ratio of 80.18 and a beta of 1.51. The stock’s 50 day moving average price is $52.68 and its two-hundred day moving average price is $61.56. Microchip Technology Incorporated has a 52-week low of $34.13 and a 52-week high of $100.57. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. On average, analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology’s dividend payout ratio is 325.00%.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of Microchip Technology stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. The trade was a 10.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MCHP. Mizuho upped their price target on shares of Microchip Technology from $58.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Rosenblatt Securities restated a “buy” rating and set a $70.00 target price on shares of Microchip Technology in a report on Tuesday, March 4th. Bank of America cut shares of Microchip Technology from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $80.00 to $65.00 in a research report on Monday, December 16th. Raymond James reaffirmed a “strong-buy” rating and issued a $60.00 price objective (down previously from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Piper Sandler reissued an “overweight” rating and issued a $65.00 price target (down from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $74.37.

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.