Aigen Investment Management LP Makes New Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Aigen Investment Management LP purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 29,784 shares of the semiconductor company's stock, valued at approximately $2,391,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. ProShare Advisors LLC lifted its stake in Microchip Technology by 18.3% during the first quarter. ProShare Advisors LLC now owns 783,586 shares of the semiconductor company's stock worth $70,296,000 after purchasing an additional 121,267 shares during the last quarter. Pettyjohn Wood & White Inc. grew its position in Microchip Technology by 8.5% in the 1st quarter. Pettyjohn Wood & White Inc. now owns 2,859 shares of the semiconductor company's stock worth $256,000 after purchasing an additional 225 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Microchip Technology by 7.3% during the first quarter. TD Asset Management Inc now owns 1,889,205 shares of the semiconductor company's stock valued at $169,481,000 after acquiring an additional 128,161 shares during the period. State Board of Administration of Florida Retirement System lifted its position in shares of Microchip Technology by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 575,830 shares of the semiconductor company's stock worth $48,243,000 after purchasing an additional 12,370 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Microchip Technology by 16.5% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 665,784 shares of the semiconductor company's stock valued at $59,727,000 after buying an additional 94,108 shares during the period. Hedge funds and other institutional investors own 91.51% of the company's stock.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now owns 33,257 shares of the company's stock, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.10% of the stock is owned by insiders.

Microchip Technology Price Performance

NASDAQ MCHP traded down $2.58 during trading hours on Tuesday, hitting $67.30. 9,799,299 shares of the company's stock traded hands, compared to its average volume of 5,988,125. The firm's 50-day moving average is $76.49 and its 200-day moving average is $84.77. Microchip Technology Incorporated has a 52-week low of $66.08 and a 52-week high of $100.57. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.88 and a quick ratio of 1.08. The company has a market capitalization of $36.14 billion, a PE ratio of 48.87 and a beta of 1.53.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $1.16 billion during the quarter, compared to analysts' expectations of $1.15 billion. Microchip Technology had a return on equity of 19.47% and a net margin of 14.22%. The firm's revenue was down 48.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.54 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 1.69 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This is a positive change from Microchip Technology's previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.70%. Microchip Technology's dividend payout ratio (DPR) is 127.27%.

Analyst Ratings Changes

MCHP has been the topic of several research reports. Rosenblatt Securities reiterated a "buy" rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Wednesday, November 6th. Bank of America lowered Microchip Technology from a "buy" rating to a "neutral" rating and decreased their target price for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Susquehanna decreased their price target on shares of Microchip Technology from $95.00 to $90.00 and set a "positive" rating on the stock in a report on Wednesday, November 6th. B. Riley cut their target price on Microchip Technology from $110.00 to $103.00 and set a "buy" rating on the stock in a research note on Friday, August 2nd. Finally, Jefferies Financial Group dropped their target price on Microchip Technology from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Microchip Technology presently has a consensus rating of "Moderate Buy" and an average price target of $92.00.

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.