Seven Eight Capital LP Invests $424,000 in Microchip Technology Incorporated (NASDAQ:MCHP)

Seven Eight Capital LP purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 4,636 shares of the semiconductor company’s stock, valued at approximately $424,000.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 68,583,723 shares of the semiconductor company’s stock worth $6,152,646,000 after purchasing an additional 1,921,497 shares in the last quarter. Principal Financial Group Inc. raised its stake in Microchip Technology by 0.4% during the second quarter. Principal Financial Group Inc. now owns 9,246,403 shares of the semiconductor company’s stock valued at $846,046,000 after buying an additional 33,603 shares during the last quarter. Boston Partners boosted its holdings in Microchip Technology by 10.7% in the first quarter. Boston Partners now owns 7,591,471 shares of the semiconductor company’s stock worth $681,838,000 after acquiring an additional 736,818 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Microchip Technology by 4.9% in the second quarter. Van ECK Associates Corp now owns 6,363,937 shares of the semiconductor company’s stock worth $582,301,000 after acquiring an additional 295,626 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Microchip Technology by 17.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,527,709 shares of the semiconductor company’s stock valued at $406,182,000 after acquiring an additional 673,992 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Down 2.3 %

MCHP opened at $77.01 on Monday. The firm’s 50 day simple moving average is $81.15 and its two-hundred day simple moving average is $87.74. The company has a market capitalization of $41.32 billion, a PE ratio of 22.19 and a beta of 1.53. Microchip Technology Incorporated has a 1-year low of $68.75 and a 1-year high of $100.57. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.01. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.24 billion. Microchip Technology had a return on equity of 28.33% and a net margin of 20.80%. Microchip Technology’s quarterly revenue was down 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 earnings per share. As a group, equities analysts forecast that Microchip Technology Incorporated will post 1.74 EPS for the current year.

Microchip Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Thursday, August 22nd were issued a $0.454 dividend. This represents a $1.82 annualized dividend and a yield of 2.36%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, August 22nd. Microchip Technology’s dividend payout ratio is currently 52.16%.

Insiders Place Their Bets

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares of the company’s stock, valued at $2,710,445.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.07% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MCHP. TD Cowen dropped their price target on shares of Microchip Technology from $90.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 2nd. B. Riley reduced their price target on shares of Microchip Technology from $110.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, August 2nd. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $110.00 to $90.00 in a research report on Friday, August 2nd. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, July 31st. Finally, Piper Sandler raised Microchip Technology from a “neutral” rating to an “overweight” rating and upped their price target for the company from $90.00 to $100.00 in a report on Friday, August 16th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of “Moderate Buy” and an average target price of $99.95.

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.