Renaissance Technologies LLC Reduces Holdings in Microchip Technology Incorporated $MCHP

Renaissance Technologies LLC trimmed its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 97.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,356 shares of the semiconductor company’s stock after selling 1,188,100 shares during the quarter. Renaissance Technologies LLC’s holdings in Microchip Technology were worth $1,832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Resonant Capital Advisors LLC grew its holdings in shares of Microchip Technology by 0.9% in the first quarter. Resonant Capital Advisors LLC now owns 12,542 shares of the semiconductor company’s stock worth $810,000 after purchasing an additional 118 shares during the last quarter. MCF Advisors LLC raised its holdings in Microchip Technology by 25.8% during the 4th quarter. MCF Advisors LLC now owns 659 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 135 shares during the last quarter. Gagnon Securities LLC boosted its position in Microchip Technology by 0.5% during the 4th quarter. Gagnon Securities LLC now owns 27,162 shares of the semiconductor company’s stock valued at $1,731,000 after buying an additional 137 shares during the period. Evelyn Partners Investment Management LLP boosted its position in Microchip Technology by 1.5% during the 4th quarter. Evelyn Partners Investment Management LLP now owns 9,300 shares of the semiconductor company’s stock valued at $593,000 after buying an additional 140 shares during the period. Finally, Millstone Evans Group LLC grew its holdings in Microchip Technology by 23.7% in the 4th quarter. Millstone Evans Group LLC now owns 742 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 142 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MCHP. Wells Fargo & Company decreased their price objective on shares of Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Monday, July 20th. Citigroup dropped their target price on shares of Microchip Technology from $113.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 7th. Needham & Company LLC boosted their price target on Microchip Technology from $84.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a research report on Friday, August 7th. Finally, Weiss Ratings cut Microchip Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, July 24th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $98.85.

Insider Buying and Selling

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,667 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $90.87, for a total transaction of $333,220.29. Following the transaction, the chief financial officer owned 28,573 shares in the company, valued at approximately $2,596,428.51. This represents a 11.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew W. Chapman sold 10,000 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $95.48, for a total value of $954,800.00. Following the completion of the transaction, the director directly owned 20,665 shares of the company’s stock, valued at $1,973,094.20. This represents a 32.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 26,750 shares of company stock valued at $2,543,170 over the last three months. Corporate insiders own 1.79% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $81.02 on Wednesday. The firm has a market capitalization of $43.99 billion, a price-to-earnings ratio of 120.93, a PEG ratio of 0.65 and a beta of 1.76. The stock has a fifty day moving average of $86.62 and a 200 day moving average of $81.44. Microchip Technology Incorporated has a 52 week low of $48.52 and a 52 week high of $105.91. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. As a group, research analysts expect that Microchip Technology Incorporated will post 2.74 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be given a dividend of $0.455 per share. The ex-dividend date is Monday, August 24th. This represents a $1.82 annualized dividend and a dividend yield of 2.2%. Microchip Technology’s payout ratio is currently 271.64%.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.

Microchip’s products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.