Fifth Third Bancorp Increases Stake in Microchip Technology Incorporated $MCHP

Fifth Third Bancorp raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 31.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 524,271 shares of the semiconductor company's stock after purchasing an additional 126,097 shares during the quarter. Fifth Third Bancorp owned 0.10% of Microchip Technology worth $33,873,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Resonant Capital Advisors LLC increased its position in shares of Microchip Technology by 0.9% during the first quarter. Resonant Capital Advisors LLC now owns 12,542 shares of the semiconductor company's stock valued at $810,000 after acquiring an additional 118 shares in the last quarter. MCF Advisors LLC lifted its position in Microchip Technology by 25.8% in the 4th quarter. MCF Advisors LLC now owns 659 shares of the semiconductor company's stock valued at $42,000 after acquiring an additional 135 shares in the last quarter. Gagnon Securities LLC lifted its position in Microchip Technology by 0.5% in the 4th quarter. Gagnon Securities LLC now owns 27,162 shares of the semiconductor company's stock valued at $1,731,000 after acquiring an additional 137 shares in the last quarter. Evelyn Partners Investment Management LLP boosted its stake in Microchip Technology by 1.5% during the 4th quarter. Evelyn Partners Investment Management LLP now owns 9,300 shares of the semiconductor company's stock valued at $593,000 after purchasing an additional 140 shares during the last quarter. Finally, Millstone Evans Group LLC boosted its stake in Microchip Technology by 23.7% during the 4th quarter. Millstone Evans Group LLC now owns 742 shares of the semiconductor company's stock valued at $47,000 after purchasing an additional 142 shares during the last quarter. 91.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Microchip Technology

In other news, COO Richard J. Simoncic sold 5,000 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $97.52, for a total transaction of $487,600.00. Following the completion of the sale, the chief operating officer owned 130,508 shares of the company's stock, valued at $12,727,140.16. The trade was a 3.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Sanghi sold 76,469 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $93.58, for a total transaction of $7,155,969.02. Following the sale, the chief executive officer directly owned 9,385,834 shares of the company's stock, valued at approximately $878,326,345.72. The trade was a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 553,302 shares of company stock valued at $49,673,635 in the last ninety days. Corporate insiders own 1.94% of the company's stock.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $88.59 on Monday. The stock has a market capitalization of $48.11 billion, a price-to-earnings ratio of 421.88, a PEG ratio of 0.91 and a beta of 1.74. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.18 and a current ratio of 2.09. The stock's 50-day simple moving average is $93.64 and its two-hundred day simple moving average is $79.92. Microchip Technology Incorporated has a 52-week low of $48.52 and a 52-week high of $105.91.

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

Microchip Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 5th. Investors of record on Friday, May 22nd were given a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.1%. The ex-dividend date was Friday, May 22nd. Microchip Technology's payout ratio is 866.67%.

Analysts Set New Price Targets

MCHP has been the topic of a number of research analyst reports. Wall Street Zen raised Microchip Technology from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Needham & Company LLC boosted their target price on Microchip Technology from $84.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Susquehanna upped their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the company a "positive" rating in a research note on Friday, May 8th. JPMorgan Chase & Co. raised their price target on shares of Microchip Technology from $95.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Finally, Wells Fargo & Company increased their price objective on shares of Microchip Technology from $75.00 to $95.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.67.

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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