Fideuram Intesa Sanpaolo Private Banking S.P.A. Cuts Stock Holdings in Microchip Technology Incorporated $MCHP

Key Points

• Fideuram Intesa Sanpaolo Private Banking cut its Microchip Technology stake by 75.5% in the first quarter, selling 12,252 shares and ending with 3,973 shares worth about $257,000.
• Insider selling has also been notable: COO Richard J. Simoncic and CFO James Eric Bjornholt recently sold shares, and insiders have sold 553,302 shares worth nearly $49.7 million over the past 90 days.
• Microchip Technology reported better-than-expected quarterly results with EPS of $0.57 on revenue of $1.31 billion, and analysts currently rate the stock a Moderate Buy with a consensus price target of $98.18.

Fideuram Intesa Sanpaolo Private Banking S.P.A. lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 75.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,973 shares of the semiconductor company's stock after selling 12,252 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A.'s holdings in Microchip Technology were worth $257,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. AQR Capital Management LLC grew its position in Microchip Technology by 51.3% in the 1st quarter. AQR Capital Management LLC now owns 17,201 shares of the semiconductor company's stock worth $827,000 after purchasing an additional 5,835 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Microchip Technology by 101.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,221 shares of the semiconductor company's stock worth $59,000 after buying an additional 616 shares in the last quarter. Cresset Asset Management LLC boosted its stake in shares of Microchip Technology by 5.4% in the 2nd quarter. Cresset Asset Management LLC now owns 11,433 shares of the semiconductor company's stock worth $805,000 after buying an additional 589 shares during the last quarter. AXA S.A. grew its holdings in shares of Microchip Technology by 21.3% in the second quarter. AXA S.A. now owns 51,552 shares of the semiconductor company's stock valued at $3,628,000 after acquiring an additional 9,043 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in shares of Microchip Technology by 1.6% in the second quarter. Treasurer of the State of North Carolina now owns 246,530 shares of the semiconductor company's stock valued at $17,348,000 after acquiring an additional 3,851 shares in the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Richard J. Simoncic sold 5,000 shares of the business'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 sale, the chief operating officer directly owned 130,508 shares in the company, valued at approximately $12,727,140.16. The trade was a 3.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 3,667 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $90.87, for a total value of $333,220.29. Following the sale, the chief financial officer directly owned 28,573 shares in the company, valued at $2,596,428.51. This trade represents a 11.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 553,302 shares of company stock worth $49,673,635. Insiders own 1.94% of the company's stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Microchip Technology from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Truist Financial raised their target price on Microchip Technology from $69.00 to $105.00 and gave the company a "hold" rating in a research report on Friday, May 8th. Needham & Company LLC boosted their price target on shares of Microchip Technology from $84.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, May 8th. Cantor Fitzgerald restated an "overweight" rating and set a $125.00 price objective on shares of Microchip Technology in a report on Wednesday, May 13th. Finally, UBS Group reiterated a "buy" rating on shares of Microchip Technology in a research note on Tuesday, June 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Microchip Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.18.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $84.64 on Monday. The firm has a market capitalization of $45.88 billion, a PE ratio of 403.07, a P/E/G ratio of 0.87 and a beta of 1.74. The company has a quick ratio of 1.18, a current ratio of 2.09 and a debt-to-equity ratio of 0.85. The company has a 50-day moving average price of $93.79 and a two-hundred day moving average price of $79.15. Microchip Technology Incorporated has a twelve month low of $48.52 and a twelve month high of $105.91.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.26 billion. Microchip Technology had a net margin of 4.88% and a return on equity of 10.87%. The company's quarterly revenue was up 35.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.11 earnings per share. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 2.66 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were given a dividend of $0.455 per share. The ex-dividend date was Friday, May 22nd. This represents a $1.82 annualized dividend and a dividend yield of 2.2%. Microchip Technology's dividend payout ratio is currently 866.67%.

Microchip Technology Profile

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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