Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 47.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 394,207 shares of the semiconductor company’s stock after acquiring an additional 126,351 shares during the quarter. Renaissance Technologies LLC owned about 0.07% of Microchip Technology worth $36,070,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MCHP. Vanguard Group Inc. increased its position in Microchip Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Microchip Technology by 0.4% during the 2nd quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock worth $846,046,000 after buying an additional 33,603 shares during the last quarter. Boston Partners raised its position in shares of Microchip Technology by 10.7% during the 1st quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock valued at $681,838,000 after buying an additional 736,818 shares during the period. Van ECK Associates Corp lifted its holdings in Microchip Technology by 4.9% in the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock valued at $582,301,000 after acquiring an additional 295,626 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Microchip Technology by 17.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock worth $406,182,000 after acquiring an additional 673,992 shares during the period. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $76.36 on Thursday. The business has a 50-day simple moving average of $81.73 and a 200-day simple moving average of $87.86. The company has a market cap of $40.97 billion, a PE ratio of 22.01 and a beta of 1.53. Microchip Technology Incorporated has a one year low of $68.75 and a one year high of $100.57. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The company’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.56 EPS. On average, equities research analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.454 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.38%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date was Thursday, August 22nd. Microchip Technology’s payout ratio is 52.16%.

Analyst Ratings Changes

A number of research firms have commented on MCHP. Bank of America downgraded Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Citigroup reduced their price objective on shares of Microchip Technology from $104.00 to $92.00 and set a “buy” rating on the stock in a report on Friday, August 2nd. TD Cowen lowered their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, August 2nd. Mizuho raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price target for the company from $85.00 to $115.00 in a research note on Friday, May 24th. Finally, Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $102.00 to $100.00 in a research report on Thursday, July 11th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $99.95.

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.