Acadian Asset Management LLC Buys Shares of 8,620 Microchip Technology Incorporated (NASDAQ:MCHP)

Acadian Asset Management LLC acquired a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,620 shares of the semiconductor company’s stock, valued at approximately $788,000.

Several other hedge funds have also recently bought and sold shares of MCHP. Swedbank AB bought a new position in shares of Microchip Technology in the first quarter worth $1,079,000. Caxton Associates LP grew its position in Microchip Technology by 4,511.5% in the 4th quarter. Caxton Associates LP now owns 400,000 shares of the semiconductor company’s stock valued at $36,072,000 after buying an additional 391,326 shares in the last quarter. SageView Advisory Group LLC increased its stake in Microchip Technology by 507.5% during the 1st quarter. SageView Advisory Group LLC now owns 17,307 shares of the semiconductor company’s stock valued at $1,553,000 after buying an additional 14,458 shares during the period. RFG Advisory LLC raised its position in shares of Microchip Technology by 228.4% during the 1st quarter. RFG Advisory LLC now owns 12,841 shares of the semiconductor company’s stock worth $1,152,000 after buying an additional 8,931 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its stake in shares of Microchip Technology by 2,194.5% in the 1st quarter. Hennessy Advisors Inc. now owns 33,454 shares of the semiconductor company’s stock worth $3,001,000 after acquiring an additional 31,996 shares during the period. 91.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MCHP has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a research note on Friday, August 2nd. Needham & Company LLC lowered their price target on Microchip Technology from $100.00 to $96.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Morgan Stanley downgraded 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 research note on Thursday, July 11th. Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and raised their target price for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Finally, Truist Financial dropped their price target on shares of Microchip Technology from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.95.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $77.00 on Wednesday. The stock has a market cap of $41.31 billion, a PE ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a 12 month low of $68.75 and a 12 month high of $100.57. The company has a quick ratio of 1.08, a current ratio of 1.94 and a debt-to-equity ratio of 0.96. The business has a fifty day simple moving average of $82.12 and a 200-day simple moving average of $87.94.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. The business’s revenue for the quarter was down 45.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.56 EPS. On average, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.74 EPS for the current fiscal year.

Microchip Technology Increases Dividend

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

Insider Transactions at Microchip Technology

In related news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction 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 of the company’s stock, valued at $2,710,445.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.07% of the stock is currently owned by company insiders.

About Microchip Technology

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.