Twinbeech Capital LP Purchases Shares of 276,388 Microchip Technology Incorporated (NASDAQ:MCHP)

Twinbeech Capital LP bought a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 276,388 shares of the semiconductor company's stock, valued at approximately $15,851,000. Twinbeech Capital LP owned about 0.05% of Microchip Technology as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MCHP. Mainstream Capital Management LLC acquired a new stake in shares of Microchip Technology in the fourth quarter worth $26,000. Rakuten Securities Inc. increased its position in 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 position in Microchip Technology during the fourth quarter worth $29,000. Financial Life Planners bought a new position in Microchip Technology during the fourth quarter worth $32,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Microchip Technology during the fourth quarter worth $34,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Microchip Technology

In other news, CFO James Eric Bjornholt sold 3,724 shares of the stock in a transaction that occurred on Tuesday, February 25th. The stock was 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. This represents a 10.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 494 shares of the stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the sale, the director now directly owns 3,468 shares of the company's stock, valued at approximately $210,472.92. The trade was a 12.47% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.10% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MCHP. Wall Street Zen lowered shares of Microchip Technology from a "hold" rating to a "sell" rating in a research report on Monday, February 10th. TD Cowen boosted their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the company a "hold" rating in a report on Friday, May 9th. Morgan Stanley boosted their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a report on Friday, May 9th. Bank of America raised shares of Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target on the stock in a report on Friday, May 9th. Finally, UBS Group upped their target price on shares of Microchip Technology from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and an average target price of $67.42.

Microchip Technology Stock Down 3.2%

NASDAQ MCHP traded down $1.86 during trading hours on Friday, reaching $56.19. 10,093,410 shares of the company's stock were exchanged, compared to its average volume of 8,600,730. The company's 50-day moving average is $48.07 and its two-hundred day moving average is $55.37. Microchip Technology Incorporated has a one year low of $34.13 and a one year high of $98.99. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.23 and a current ratio of 2.25. The company has a market capitalization of $30.27 billion, a price-to-earnings ratio of 100.34 and a beta of 1.42.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.01. The company had revenue of $970.50 million during the quarter, compared to analysts' expectations of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. The business's quarterly revenue was down 26.8% on a year-over-year basis. During the same period last year, the business earned $0.57 EPS. On average, analysts forecast that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Thursday, May 22nd will be paid a dividend of $0.455 per share. The ex-dividend date is Thursday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 3.24%. Microchip Technology's dividend payout ratio is currently -18,200.00%.

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.