Seven Eight Capital LP Invests $424,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Seven Eight Capital LP acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,636 shares of the semiconductor company’s stock, valued at approximately $424,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rise Advisors LLC purchased a new position in shares of Microchip Technology during the 1st quarter valued at $28,000. Pineridge Advisors LLC purchased a new position in Microchip Technology during the fourth quarter worth about $33,000. Steph & Co. increased its stake in Microchip Technology by 57.4% in the 1st quarter. Steph & Co. now owns 414 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 151 shares during the last quarter. Pathway Financial Advisers LLC bought a new position in Microchip Technology in the 1st quarter worth about $39,000. Finally, Richardson Capital Management LLC purchased a new stake in shares of Microchip Technology in the 1st quarter valued at about $45,000. 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 dated Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the transaction, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.07% of the company’s stock.

Microchip Technology Stock Performance

Microchip Technology stock opened at $77.01 on Monday. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The firm has a market cap of $41.32 billion, a P/E ratio of 22.19 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. The firm has a 50-day moving average of $81.15 and a 200-day moving average of $87.74.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period last year, the company earned $1.56 EPS. The business’s quarterly revenue was down 45.8% compared to the same quarter last year. Sell-side analysts expect that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Thursday, August 22nd were issued a $0.454 dividend. The ex-dividend date of this dividend was Thursday, August 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 annualized dividend and a yield of 2.36%. Microchip Technology’s dividend payout ratio is 52.16%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MCHP. TD Cowen lowered their target price on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $102.00 to $100.00 in a report on Thursday, July 11th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Wednesday, July 31st. JPMorgan Chase & Co. dropped their price target on Microchip Technology from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Friday, August 2nd. Finally, Bank of America lowered Microchip Technology from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Microchip Technology currently has an average rating of “Moderate Buy” and an average price target of $99.95.

Microchip Technology 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.