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

Twinbeech Capital LP acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 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 hedge funds have also bought and sold shares of MCHP. Norges Bank bought a new position in Microchip Technology during the fourth quarter valued at $452,627,000. Barrow Hanley Mewhinney & Strauss LLC increased its position in Microchip Technology by 273.2% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,345,096 shares of the semiconductor company’s stock valued at $306,541,000 after acquiring an additional 3,912,895 shares during the last quarter. Van ECK Associates Corp increased its position in Microchip Technology by 39.3% during the fourth quarter. Van ECK Associates Corp now owns 11,093,007 shares of the semiconductor company’s stock valued at $636,184,000 after acquiring an additional 3,131,807 shares during the last quarter. Franklin Resources Inc. increased its position in Microchip Technology by 90.0% during the fourth quarter. Franklin Resources Inc. now owns 6,360,805 shares of the semiconductor company’s stock valued at $364,792,000 after acquiring an additional 3,013,162 shares during the last quarter. Finally, Meritage Group LP bought a new position in Microchip Technology during the fourth quarter valued at $145,033,000. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. B. Riley upped their price target on shares of Microchip Technology from $60.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley upped their price target on shares of Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a report on Friday, May 9th. Citigroup upped their price target on shares of Microchip Technology from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, May 9th. TD Cowen upped their price target on shares of Microchip Technology from $35.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, May 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $66.00 price target on shares of Microchip Technology in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $67.42.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $60.88, for a total transaction of $226,717.12. Following the completion of the transaction, the chief financial officer now directly owns 33,272 shares of the company’s stock, valued at approximately $2,025,599.36. This trade represents a 10.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.10% of the stock is currently owned by insiders.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $60.57 on Tuesday. The firm has a market capitalization of $32.63 billion, a P/E ratio of 108.16 and a beta of 1.42. 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 $47.68 and a 200 day moving average price of $55.68. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.10 by $0.01. The firm had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Microchip Technology’s revenue was down 26.8% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. Sell-side analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Thursday, May 22nd. Microchip Technology’s dividend payout ratio is presently -18,200.00%.

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.