Penserra Capital Management LLC Acquires 76,066 Shares of Microchip Technology Incorporated (NASDAQ:MCHP)

Penserra Capital Management LLC raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP) by 39.6% during the first quarter, HoldingsChannel.com reports. The fund owned 268,374 shares of the semiconductor company’s stock after purchasing an additional 76,066 shares during the period. Penserra Capital Management LLC’s holdings in Microchip Technology were worth $12,991,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MCHP. Rakuten Securities Inc. grew its holdings in shares of 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 purchasing an additional 359 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of Microchip Technology in the fourth quarter worth approximately $29,000. Garde Capital Inc. acquired a new position in shares of Microchip Technology in the first quarter worth approximately $30,000. Millstone Evans Group LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth approximately $34,000. Finally, Orion Capital Management LLC acquired a new position in shares of Microchip Technology in the fourth quarter worth approximately $41,000. Institutional investors own 91.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MCHP shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $66.00 price objective on shares of Microchip Technology in a research note on Friday, May 9th. Evercore ISI lifted their price objective on Microchip Technology from $69.00 to $83.00 and gave the stock an “outperform” rating in a research note on Thursday, June 12th. Morgan Stanley lifted their price objective on Microchip Technology from $39.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Friday, May 9th. Citigroup boosted their price target on Microchip Technology from $55.00 to $68.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Finally, Mizuho boosted their price target on Microchip Technology from $68.00 to $78.00 and gave the company an “outperform” rating in a research note on Thursday, June 12th. Seven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $70.15.

Microchip Technology Trading Down 1.1%

NASDAQ MCHP opened at $72.32 on Monday. The firm has a market capitalization of $39.01 billion, a P/E ratio of -7,232.00, a PEG ratio of 2.17 and a beta of 1.52. The business has a fifty day simple moving average of $61.61 and a 200 day simple moving average of $55.74. Microchip Technology Incorporated has a 12 month low of $34.13 and a 12 month high of $96.98. The company has a current ratio of 2.59, a quick ratio of 1.47 and a debt-to-equity ratio of 0.80.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, May 8th. The semiconductor company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The business had revenue of $970.50 million during the quarter, compared to analyst estimates of $962.86 million. Microchip Technology had a positive return on equity of 8.55% and a negative net margin of 0.01%. Microchip Technology’s quarterly revenue was down 26.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. On average, analysts predict that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Thursday, May 22nd were paid a $0.455 dividend. The ex-dividend date was Thursday, May 22nd. This represents a $1.82 dividend on an annualized basis and a yield of 2.52%. Microchip Technology’s dividend payout ratio (DPR) is presently -18,200.00%.

Insiders Place Their Bets

In other Microchip Technology news, Director Karlton D. Johnson sold 494 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $60.69, for a total value of $29,980.86. Following the completion of the transaction, the director owned 3,468 shares in the company, valued at $210,472.92. This represents a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 2,015 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $55.78, for a total value of $112,396.70. Following the completion of the transaction, the chief financial officer owned 34,313 shares of the company’s stock, valued at $1,913,979.14. This trade represents a 5.55% decrease in their position. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

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.