Allstate Corp Has $1 Million Stock Holdings in Microchip Technology Incorporated $MCHP

Key Points

• Allstate Corp increased its holdings in Microchip Technology by 28.7%, purchasing an additional 4,612 shares during the first quarter, bringing their total ownership to 20,697 shares valued at approximately $1,002,000.
• Multiple analysts have raised their price targets for Microchip Technology, with B. Riley setting a new target of $75.00 and Citigroup increasing theirs to $90.00, indicating strong market confidence in the stock.
• Microchip Technology recently announced a quarterly dividend of $0.455 per share, which will be paid to investors of record on August 22nd, reflecting a dividend yield of 2.6%.

Allstate Corp raised its holdings in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 28.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,697 shares of the semiconductor company's stock after acquiring an additional 4,612 shares during the period. Allstate Corp's holdings in Microchip Technology were worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Garde Capital Inc. acquired a new stake in Microchip Technology in the 1st quarter valued at approximately $30,000. Orion Capital Management LLC bought a new position in shares of Microchip Technology during the 4th quarter worth approximately $41,000. Byrne Asset Management LLC bought a new position in shares of Microchip Technology during the 1st quarter worth approximately $41,000. GW&K Investment Management LLC boosted its stake in Microchip Technology by 161.0% in the 1st quarter. GW&K Investment Management LLC now owns 937 shares of the semiconductor company's stock valued at $45,000 after purchasing an additional 578 shares during the period. Finally, American National Bank & Trust bought a new stake in Microchip Technology in the 1st quarter valued at $48,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCHP has been the subject of several recent research reports. B. Riley boosted their price target on Microchip Technology from $60.00 to $75.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Morgan Stanley boosted their price target on Microchip Technology from $39.00 to $50.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Bank of America upgraded Microchip Technology from an "underperform" rating to a "neutral" rating and set a $56.00 price target for the company in a research note on Friday, May 9th. Evercore ISI boosted their price target on Microchip Technology from $69.00 to $83.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Finally, Needham & Company LLC boosted their price target on Microchip Technology from $66.00 to $77.00 and gave the company a "buy" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Microchip Technology has an average rating of "Moderate Buy" and an average target price of $76.58.

Microchip Technology Price Performance

NASDAQ:MCHP traded down $1.40 on Thursday, hitting $65.25. The company had a trading volume of 13,996,951 shares, compared to its average volume of 10,391,210. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $82.65. The company has a current ratio of 2.31, a quick ratio of 1.33 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $35.21 billion, a price-to-earnings ratio of -191.91, a PEG ratio of 1.96 and a beta of 1.55. The firm has a 50 day moving average of $69.50 and a two-hundred day moving average of $59.17.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.05 billion. Microchip Technology had a negative net margin of 3.50% and a positive return on equity of 6.24%. The company's revenue for the quarter was down 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. Microchip Technology has set its Q2 2026 guidance at 0.340-0.370 EPS. On average, research analysts anticipate that Microchip Technology Incorporated will post 1.03 earnings per share for the current year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Shareholders of record on Friday, August 22nd will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Friday, August 22nd. Microchip Technology's dividend payout ratio is presently -535.29%.

Insider Transactions at Microchip Technology

In other Microchip Technology news, Director Matthew W. Chapman sold 10,000 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $68.25, for a total value of $682,500.00. Following the completion of the transaction, the director owned 30,665 shares of the company's stock, valued at $2,092,886.25. This represents a 24.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 7,356 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $68.72, for a total value of $505,504.32. Following the completion of the transaction, the chief financial officer directly owned 30,010 shares of the company's stock, valued at approximately $2,062,287.20. The trade was a 19.69% decrease in their position. The disclosure for this sale can be found here. 1.94% 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.