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

Renaissance Technologies LLC bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 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 SEC.

Several other large investors have also recently modified their holdings of MCHP. Mainstream Capital Management LLC bought a new stake in shares of Microchip Technology during the fourth quarter worth $26,000. Rakuten Securities Inc. increased its position 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 acquiring an additional 359 shares during the period. OFI Invest Asset Management bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $29,000. Financial Life Planners purchased a new stake in shares of Microchip Technology in the fourth quarter valued at approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Microchip Technology in the fourth quarter worth approximately $34,000. Institutional investors own 91.51% of the company's stock.

Insider Activity

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total value 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.10% of the company's stock.

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Microchip Technology Stock Performance

Shares of NASDAQ:MCHP traded down $0.02 during midday trading on Tuesday, reaching $38.86. The company's stock had a trading volume of 1,922,257 shares, compared to its average volume of 7,978,224. The firm has a market capitalization of $20.90 billion, a PE ratio of 69.39 and a beta of 1.51. The stock has a fifty day moving average of $51.84 and a 200 day moving average of $60.60. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month 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 - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share 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, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a dividend yield of 4.68%. The ex-dividend date of this dividend was Monday, February 24th. Microchip Technology's payout ratio is currently 325.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Mizuho upped their target price on Microchip Technology from $58.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. B. Riley reissued a "buy" rating and set a $75.00 target price (down previously from $85.00) on shares of Microchip Technology in a research report on Friday, February 7th. TD Cowen upped their price target on shares of Microchip Technology from $50.00 to $60.00 and gave the stock a "hold" rating in a research report on Tuesday, March 4th. StockNews.com lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a report on Monday, February 10th. Finally, The Goldman Sachs Group lowered their target price on Microchip Technology from $72.00 to $63.00 and set a "neutral" rating for the company in a report on Friday, January 10th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.68.

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.