Two Sigma Investments LP Acquires Shares of 1,625,040 Microchip Technology Incorporated (NASDAQ:MCHP)

Two Sigma Investments LP bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 1,625,040 shares of the semiconductor company’s stock, valued at approximately $93,196,000.

A number of other institutional investors also recently modified their holdings of MCHP. Mainstream Capital Management LLC bought a new position in Microchip Technology during the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in shares of 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 during the period. OFI Invest Asset Management acquired a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in Microchip Technology during the fourth quarter worth approximately $34,000. Institutional investors own 91.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Raymond James lifted their price objective on Microchip Technology from $60.00 to $65.00 and gave the company a “strong-buy” rating in a report on Friday, May 9th. Needham & Company LLC restated a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a research report on Friday, May 9th. Morgan Stanley upped their price objective on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Friday, May 9th. Stifel Nicolaus raised their target price on shares of Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 9th. Finally, Bank of America upgraded shares of Microchip Technology from an “underperform” rating to a “neutral” rating and set a $56.00 target price for the company in a research report on Friday, May 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.42.

Microchip Technology Price Performance

Microchip Technology stock opened at $60.57 on Tuesday. The stock has a 50-day moving average price of $47.68 and a two-hundred day moving average price of $55.68. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $100.57. The company has a market capitalization of $32.63 billion, a PE ratio of 108.16 and a beta of 1.42. The company has a current ratio of 2.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. During the same quarter last year, the business earned $0.57 EPS. The firm’s quarterly revenue was down 26.8% on a year-over-year basis. Analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s payout ratio is currently -18,200.00%.

Insider Transactions at Microchip Technology

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

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.