Quantbot Technologies LP Makes New $5.58 Million Investment in Microchip Technology Incorporated (NASDAQ:MCHP)

Quantbot Technologies LP acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 69,516 shares of the semiconductor company’s stock, valued at approximately $5,581,000.

A number of other hedge funds have also recently made changes to their positions in the business. Empowered Funds LLC lifted its holdings in Microchip Technology by 25.7% in the 3rd quarter. Empowered Funds LLC now owns 96,163 shares of the semiconductor company’s stock worth $7,721,000 after purchasing an additional 19,663 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of Microchip Technology by 50.0% during the third quarter. Pinnacle Associates Ltd. now owns 105,694 shares of the semiconductor company’s stock valued at $8,486,000 after buying an additional 35,213 shares during the last quarter. Swedbank AB purchased a new position in shares of Microchip Technology in the first quarter worth $1,079,000. Cerity Partners LLC boosted its position in shares of Microchip Technology by 14.2% during the third quarter. Cerity Partners LLC now owns 260,063 shares of the semiconductor company’s stock worth $20,880,000 after acquiring an additional 32,340 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd grew its stake in Microchip Technology by 52.1% during the third quarter. Harvest Fund Management Co. Ltd now owns 24,713 shares of the semiconductor company’s stock valued at $1,984,000 after acquiring an additional 8,467 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MCHP. Jefferies Financial Group reduced their target price on Microchip Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Truist Financial downgraded Microchip Technology from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $89.00 to $80.00 in a research note on Monday, September 23rd. B. Riley lowered their target price on Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Evercore ISI restated an “outperform” rating and issued a $95.00 price target (down previously from $101.00) on shares of Microchip Technology in a research report on Wednesday, November 6th. Finally, Needham & Company LLC decreased their price target on shares of Microchip Technology from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $92.00.

Microchip Technology Price Performance

MCHP opened at $68.41 on Wednesday. The business has a fifty day moving average of $74.27 and a 200 day moving average of $82.80. The stock has a market cap of $36.74 billion, a P/E ratio of 47.84 and a beta of 1.53. The company has a quick ratio of 0.48, a current ratio of 0.88 and a debt-to-equity ratio of 0.71. Microchip Technology Incorporated has a 52-week low of $62.63 and a 52-week high of $100.57.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Microchip Technology had a net margin of 14.22% and a return on equity of 19.47%. The business’s revenue was down 48.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.54 earnings per share. As a group, sell-side analysts anticipate that Microchip Technology Incorporated will post 1.38 EPS for the current year.

Microchip Technology Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 22nd will be given a dividend of $0.455 per share. The ex-dividend date of this dividend is Friday, November 22nd. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.66%. Microchip Technology’s dividend payout ratio (DPR) is 127.27%.

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.