Microchip Technology Incorporated (NASDAQ:MCHP) Shares Bought by AQR Capital Management LLC

AQR Capital Management LLC raised its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 27.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 93,278 shares of the semiconductor company’s stock after buying an additional 20,055 shares during the period. AQR Capital Management LLC’s holdings in Microchip Technology were worth $6,882,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of MCHP. Vanguard Group Inc. raised its position in Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock valued at $1,665,948,000 after buying an additional 563,501 shares during the last quarter. Principal Financial Group Inc. raised its position in Microchip Technology by 0.8% in the first quarter. Principal Financial Group Inc. now owns 3,768,970 shares of the semiconductor company’s stock valued at $278,074,000 after buying an additional 30,906 shares during the last quarter. Epoch Investment Partners Inc. raised its position in Microchip Technology by 8.1% in the first quarter. Epoch Investment Partners Inc. now owns 2,362,966 shares of the semiconductor company’s stock valued at $174,339,000 after buying an additional 177,987 shares during the last quarter. Pictet Asset Management Ltd. raised its position in Microchip Technology by 34.8% in the first quarter. Pictet Asset Management Ltd. now owns 1,466,741 shares of the semiconductor company’s stock valued at $108,216,000 after buying an additional 378,272 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Microchip Technology by 0.3% in the first quarter. First Trust Advisors LP now owns 1,282,747 shares of the semiconductor company’s stock valued at $94,641,000 after buying an additional 3,631 shares during the last quarter. 98.67% of the stock is owned by institutional investors and hedge funds.

Shares of Microchip Technology Incorporated (NASDAQ MCHP) traded down 0.42% during trading on Tuesday, hitting $84.62. 2,631,837 shares of the stock were exchanged. Microchip Technology Incorporated has a 12-month low of $56.52 and a 12-month high of $87.49. The firm has a 50 day moving average of $80.19 and a 200-day moving average of $76.21. The company has a market cap of $19.41 billion, a price-to-earnings ratio of 120.03 and a beta of 1.06.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 EPS. On average, analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be paid a $0.362 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.45 annualized dividend and a yield of 1.71%. Microchip Technology’s payout ratio is currently 77.54%.

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A number of research analysts recently issued reports on MCHP shares. B. Riley reiterated a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Monday, May 8th. Citigroup Inc. set a $95.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Stifel Nicolaus lifted their price target on shares of Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, May 10th. Rosenblatt Securities reiterated a “buy” rating and issued a $102.00 price target (up previously from $100.00) on shares of Microchip Technology in a research note on Tuesday, June 6th. Finally, BidaskClub downgraded shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Microchip Technology currently has an average rating of “Buy” and an average price target of $86.00.

In related news, CFO James Eric Bjornholt sold 2,510 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 3,974 shares of the business’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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