Oribel Capital Management LP Invests $33.53 Million in Microchip Technology Incorporated (NASDAQ:MCHP)

Oribel Capital Management LP bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 584,600 shares of the semiconductor company's stock, valued at approximately $33,527,000. Microchip Technology makes up approximately 1.1% of Oribel Capital Management LP's portfolio, making the stock its 14th largest position. Oribel Capital Management LP owned 0.11% of Microchip Technology at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology in the 4th quarter valued at about $26,000. Rakuten Securities Inc. lifted its stake in Microchip Technology by 309.5% in the fourth quarter. Rakuten Securities Inc. now owns 475 shares of the semiconductor company's stock valued at $27,000 after buying an additional 359 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Microchip Technology during the fourth quarter worth approximately $29,000. Financial Life Planners purchased a new position in shares of Microchip Technology during the fourth quarter worth approximately $32,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Microchip Technology in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MCHP. Needham & Company LLC raised their price objective on shares of Microchip Technology from $60.00 to $66.00 and gave the stock a "buy" rating in a research report on Tuesday, March 4th. Raymond James reissued a "strong-buy" rating and set a $60.00 price target (down previously from $95.00) on shares of Microchip Technology in a report on Friday, February 7th. StockNews.com downgraded Microchip Technology from a "hold" rating to a "sell" rating in a research note on Monday, February 10th. Morgan Stanley lowered their target price on Microchip Technology from $71.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. Finally, Bank of America cut Microchip Technology from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $80.00 to $65.00 in a research note on Monday, December 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of "Moderate Buy" and a consensus price target of $74.37.

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Microchip Technology Trading Down 2.8 %

Shares of NASDAQ MCHP traded down $1.10 during trading on Friday, hitting $37.71. 10,599,164 shares of the company traded hands, compared to its average volume of 7,930,108. The firm has a market capitalization of $20.28 billion, a P/E ratio of 67.41 and a beta of 1.51. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12. The company has a 50-day moving average price of $52.41 and a 200-day moving average price of $61.29. Microchip Technology Incorporated has a 1 year low of $34.13 and a 1 year high of $100.57.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The semiconductor company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a return on equity of 12.62% and a net margin of 6.49%. On average, equities analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Monday, February 24th were issued a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 annualized dividend and a dividend yield of 4.83%. Microchip Technology's payout ratio is 325.00%.

Insider Buying and Selling

In related news, CFO James Eric Bjornholt sold 3,724 shares of the business's stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the transaction, the chief financial officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 2.10% of the stock is owned by corporate insiders.

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.