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

Aigen Investment Management LP bought a new position in Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 29,784 shares of the semiconductor company’s stock, valued at approximately $2,391,000.

Several other institutional investors and hedge funds have also bought and sold shares of MCHP. Pathway Financial Advisers LLC purchased a new stake in shares of Microchip Technology during the 1st quarter valued at $39,000. Versant Capital Management Inc raised its position in shares of Microchip Technology by 148.8% during the 2nd quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 317 shares in the last quarter. Wolff Wiese Magana LLC raised its position in shares of Microchip Technology by 55.2% during the 3rd quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company’s stock valued at $49,000 after buying an additional 218 shares in the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of Microchip Technology during the 2nd quarter valued at $55,000. Finally, Family Firm Inc. purchased a new stake in shares of Microchip Technology during the 2nd quarter valued at $62,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO James Eric Bjornholt sold 2,154 shares of Microchip Technology stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the completion of the transaction, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.10% of the stock is owned by company insiders.

Microchip Technology Price Performance

MCHP stock traded down $0.90 during trading on Tuesday, hitting $68.98. 480,926 shares of the company’s stock traded hands, compared to its average volume of 5,945,586. The business has a fifty day simple moving average of $76.49 and a 200 day simple moving average of $84.77. The stock has a market capitalization of $37.04 billion, a price-to-earnings ratio of 48.87 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.08 and a current ratio of 0.88. Microchip Technology Incorporated has a 52 week low of $68.74 and a 52 week high of $100.57.

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

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.455 dividend. The ex-dividend date is Friday, November 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a yield of 2.64%. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MCHP shares. Mizuho set a $95.00 target price on shares of Microchip Technology in a report on Friday, October 18th. Bank of America lowered shares of Microchip Technology from a “buy” rating to a “neutral” rating and reduced their target price for the company from $110.00 to $90.00 in a report on Friday, August 2nd. JPMorgan Chase & Co. cut their price target on shares of Microchip Technology from $110.00 to $100.00 and set an “overweight” rating on the stock in a report on Friday, August 2nd. Citigroup cut their price target on shares of Microchip Technology from $92.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Truist Financial lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $89.00 to $80.00 in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $92.00.

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.