Boomfish Wealth Group LLC reduced its position in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 32.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,843 shares of the semiconductor company's stock after selling 13,306 shares during the quarter. Boomfish Wealth Group LLC's holdings in Microchip Technology were worth $2,539,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of Microchip Technology by 51.3% during the 1st quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company's stock worth $827,000 after acquiring an additional 5,835 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Microchip Technology by 101.8% during the first quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company's stock valued at $59,000 after purchasing an additional 616 shares in the last quarter. Cresset Asset Management LLC raised its position in Microchip Technology by 5.4% during the second quarter. Cresset Asset Management LLC now owns 11,433 shares of the semiconductor company's stock valued at $805,000 after purchasing an additional 589 shares in the last quarter. AXA S.A. raised its position in Microchip Technology by 21.3% during the second quarter. AXA S.A. now owns 51,552 shares of the semiconductor company's stock valued at $3,628,000 after purchasing an additional 9,043 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in Microchip Technology by 1.6% during the second quarter. Treasurer of the State of North Carolina now owns 246,530 shares of the semiconductor company's stock worth $17,348,000 after purchasing an additional 3,851 shares during the last quarter. 91.51% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Microchip Technology
In related news, COO Richard J. Simoncic sold 5,000 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $97.52, for a total transaction of $487,600.00. Following the completion of the transaction, the chief operating officer directly owned 130,508 shares of the company's stock, valued at $12,727,140.16. This trade represents a 3.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 3,667 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $90.87, for a total transaction of $333,220.29. Following the transaction, the chief financial officer owned 28,573 shares of the company's stock, valued at approximately $2,596,428.51. The trade was a 11.37% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 16,667 shares of company stock worth $1,580,580 over the last three months. Company insiders own 1.79% of the company's stock.
Microchip Technology Stock Up 1.9%
Shares of NASDAQ:MCHP opened at $79.17 on Friday. Microchip Technology Incorporated has a 52-week low of $48.52 and a 52-week high of $105.91. The company has a market capitalization of $42.99 billion, a PE ratio of 118.17, a price-to-earnings-growth ratio of 0.62 and a beta of 1.76. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. The company has a fifty day moving average of $85.72 and a 200-day moving average of $81.47.
Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. The firm had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The company's revenue was up 38.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 EPS. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, equities analysts predict that Microchip Technology Incorporated will post 2.81 EPS for the current fiscal year.
Microchip Technology Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, August 24th. Microchip Technology's dividend payout ratio is presently 271.64%.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on MCHP. Needham & Company LLC raised their target price on Microchip Technology from $84.00 to $120.00 and gave the company a "buy" rating in a report on Friday, May 8th. UBS Group reissued a "buy" rating and set a $120.00 price target (down from $130.00) on shares of Microchip Technology in a report on Friday, August 7th. Susquehanna upped their price objective on Microchip Technology from $95.00 to $120.00 and gave the stock a "positive" rating in a research report on Friday, May 8th. TD Cowen decreased their target price on Microchip Technology from $105.00 to $90.00 and set a "hold" rating on the stock in a research report on Monday, July 13th. Finally, Zacks Research raised Microchip Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $98.85.
Get Our Latest Stock Report on MCHP
Microchip Technology Company Profile
(
Free Report)
Microchip Technology Inc is a semiconductor company headquartered in Chandler, Arizona, that designs, develops and supplies a broad portfolio of embedded control and analog semiconductors. Its product lineup centers on microcontrollers (including the well-known PIC family), digital signal controllers and associated development tools and software, along with a range of mixed-signal and analog devices, nonvolatile memory, power management, timing, interface, wireless and security products. The company also provides integrated hardware and software solutions intended to simplify embedded design and accelerate time to market for OEMs and contract manufacturers.
Microchip's products are used across a wide range of end markets, including automotive, industrial automation, consumer electronics, communications, aerospace and defense, and Internet of Things (IoT) applications.
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