Global Retirement Partners LLC Takes $1.24 Million Position in Microchip Technology Incorporated $MCHP

Key Points

• Global Retirement Partners LLC acquired 13,573 Microchip Technology shares worth approximately $1.24 million in the second quarter. Institutional investors own 91.51% of the company, with several major funds increasing their positions.
• Microchip reported quarterly EPS of $0.76, beating estimates of $0.70, while revenue reached $1.48 billion, up 38% year over year. The company declared a quarterly dividend of $0.455 per share, representing a 2.3% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $98.85, compared with the stock’s reported opening price of $80.26.

Global Retirement Partners LLC acquired a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 13,573 shares of the semiconductor company's stock, valued at approximately $1,238,000.

Several other large investors have also recently added to or reduced their stakes in MCHP. Norges Bank acquired a new position in shares of Microchip Technology in the fourth quarter worth $664,564,000. Barclays PLC raised its stake in shares of Microchip Technology by 66.5% in the fourth quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company's stock valued at $891,881,000 after acquiring an additional 5,590,210 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of Microchip Technology by 41.0% in the second quarter. Rafferty Asset Management LLC now owns 6,203,762 shares of the semiconductor company's stock valued at $436,559,000 after acquiring an additional 1,803,945 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in Microchip Technology by 255.7% in the second quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company's stock valued at $150,271,000 after purchasing an additional 1,534,829 shares during the period. Finally, Worldquant Millennium Advisors LLC purchased a new position in Microchip Technology in the second quarter valued at $101,359,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Stock Up 1.4%

Shares of NASDAQ MCHP opened at $80.26 on Tuesday. The company has a market capitalization of $43.58 billion, a price-to-earnings ratio of 119.79, 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 current ratio of 1.92 and a quick ratio of 1.11. The business has a 50-day moving average of $85.50 and a two-hundred day moving average of $81.56. Microchip Technology Incorporated has a 1 year low of $48.52 and a 1 year high of $105.91.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.06. The business had revenue of $1.48 billion during the quarter, compared to analysts' expectations of $1.46 billion. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%.The business's quarterly revenue was up 38.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 EPS. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, analysts forecast that Microchip Technology Incorporated will post 2.81 earnings per share for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th will be paid a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, August 24th. Microchip Technology's dividend payout ratio is currently 271.64%.

Insiders Place Their Bets

In other news, Director Matthew W. Chapman sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total transaction of $292,560.00. Following the completion of the sale, the director owned 17,665 shares in the company, valued at approximately $1,722,690.80. The trade was a 14.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Richard J. Simoncic sold 5,000 shares of the company'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 transaction, the chief operating officer owned 130,508 shares of the company's stock, valued at approximately $12,727,140.16. The trade was a 3.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 16,667 shares of company stock valued at $1,580,580. 1.79% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MCHP. Rosenblatt Securities restated a "buy" rating and set a $120.00 price target on shares of Microchip Technology in a report on Friday, August 7th. Wells Fargo & Company decreased their price objective on Microchip Technology from $95.00 to $88.00 and set an "equal weight" rating for the company in a research note on Monday, July 20th. Needham & Company LLC boosted their price objective on Microchip Technology from $84.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. TD Cowen cut their target price on shares of Microchip Technology from $105.00 to $90.00 and set a "hold" rating on the stock in a research note on Monday, July 13th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $125.00 target price on shares of Microchip Technology in a report on Monday. Three 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.85.

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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