584,600 Shares in Microchip Technology Incorporated (NASDAQ:MCHP) Bought by Oribel Capital Management LP

Oribel Capital Management LP bought a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 584,600 shares of the semiconductor company’s stock, valued at approximately $33,527,000. Microchip Technology makes up 1.1% of Oribel Capital Management LP’s investment portfolio, making the stock its 14th largest holding.

Several other hedge funds have also bought and sold shares of the stock. United Bank boosted its position in shares of Microchip Technology by 21.0% in the third quarter. United Bank now owns 9,871 shares of the semiconductor company’s stock worth $793,000 after purchasing an additional 1,712 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Microchip Technology by 5,185.4% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,408 shares of the semiconductor company’s stock valued at $755,000 after buying an additional 9,230 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Microchip Technology by 149.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 11,638 shares of the semiconductor company’s stock worth $934,000 after buying an additional 6,965 shares during the period. IHT Wealth Management LLC increased its stake in Microchip Technology by 12.8% in the 3rd quarter. IHT Wealth Management LLC now owns 6,192 shares of the semiconductor company’s stock worth $494,000 after buying an additional 702 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its holdings in Microchip Technology by 2.6% during the third quarter. Royal London Asset Management Ltd. now owns 211,102 shares of the semiconductor company’s stock valued at $16,949,000 after acquiring an additional 5,363 shares during the period. Institutional investors own 91.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. KeyCorp reduced their price objective on shares of Microchip Technology from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, February 7th. Morgan Stanley cut their price target on Microchip Technology from $71.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. TD Cowen lifted their price objective on Microchip Technology from $50.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, March 4th. Raymond James reissued a “strong-buy” rating and issued a $60.00 price objective (down from $95.00) on shares of Microchip Technology in a research note on Friday, February 7th. Finally, Needham & Company LLC raised their price objective on Microchip Technology from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.37.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 3,724 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $60.88, for a total transaction of $226,717.12. Following the sale, the chief financial officer now owns 33,272 shares of the company’s stock, valued at $2,025,599.36. This trade represents a 10.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

Microchip Technology Trading Down 11.0 %

Shares of NASDAQ MCHP opened at $36.22 on Friday. Microchip Technology Incorporated has a twelve month low of $36.10 and a twelve month high of $100.57. The firm has a market cap of $19.48 billion, a PE ratio of 64.68 and a beta of 1.51. The business has a fifty day simple moving average of $54.29 and a two-hundred day simple moving average of $62.76. The company has a quick ratio of 1.23, a current ratio of 2.25 and a debt-to-equity ratio of 1.12.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 6th. The semiconductor company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.15). Microchip Technology had a net margin of 6.49% and a return on equity of 12.62%. Analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Monday, February 24th were paid a dividend of $0.455 per share. The ex-dividend date was Monday, February 24th. This represents a $1.82 dividend on an annualized basis and a dividend yield of 5.02%. Microchip Technology’s dividend payout ratio is presently 325.00%.

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.