Lombard Odier Asset Management Switzerland SA Purchases Shares of 26,390 Microchip Technology Incorporated $MCHP

Key Points

• Lombard Odier Asset Management purchased 26,390 Microchip Technology shares worth approximately $1.7 million in the first quarter. Institutional investors and hedge funds collectively own 91.51% of the company.
• Microchip reported quarterly EPS of $0.57 and revenue of $1.31 billion, exceeding analyst estimates, while revenue increased 35.1% year over year. Shares opened at $77.90, below their 52-week high of $105.91.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $99.76. The company also pays a quarterly dividend of $0.455 per share, although insiders have sold 136,721 shares worth $12.8 million over the past 90 days.

Lombard Odier Asset Management Switzerland SA purchased a new stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 26,390 shares of the semiconductor company's stock, valued at approximately $1,705,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Microchip Technology in the fourth quarter valued at about $664,564,000. Barclays PLC lifted its position in shares of Microchip Technology by 66.5% during the 4th quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company's stock worth $891,881,000 after purchasing an additional 5,590,210 shares during the last quarter. Rafferty Asset Management LLC lifted its position in shares of Microchip Technology by 41.0% during the 2nd quarter. Rafferty Asset Management LLC now owns 6,203,762 shares of the semiconductor company's stock worth $436,559,000 after purchasing an additional 1,803,945 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Microchip Technology by 255.7% during the 2nd 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 bought a new stake in Microchip Technology during the 2nd quarter valued at approximately $101,359,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

Microchip Technology Trading Down 1.2%

Shares of Microchip Technology stock opened at $77.90 on Tuesday. Microchip Technology Incorporated has a 52-week low of $48.52 and a 52-week high of $105.91. The firm has a market capitalization of $42.30 billion, a PE ratio of 370.97, a price-to-earnings-growth ratio of 0.79 and a beta of 1.74. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.09 and a quick ratio of 1.18. The company's fifty day moving average price is $90.35 and its two-hundred day moving average price is $81.21.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.26 billion. Microchip Technology had a net margin of 4.88% and a return on equity of 10.87%. The firm's revenue for the quarter was up 35.1% compared to the same quarter last year. During the same period last year, the firm earned $0.11 EPS. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. On average, analysts expect that Microchip Technology Incorporated will post 2.7 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 22nd. Microchip Technology's payout ratio is presently 866.67%.

Insider Buying and Selling

In related news, 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 completion of the transaction, the chief financial officer owned 28,573 shares in the company, valued at $2,596,428.51. This trade represents a 11.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew W. Chapman sold 3,000 shares of the business's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total value of $292,560.00. Following the completion of the sale, the director directly owned 17,665 shares in the company, valued at approximately $1,722,690.80. This represents a 14.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 136,721 shares of company stock valued at $12,793,719 over the last ninety days. Company insiders own 1.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on MCHP shares. Zacks Research upgraded Microchip Technology from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Citigroup upped their target price on shares of Microchip Technology from $91.00 to $113.00 and gave the company a "buy" rating in a research note on Friday, May 8th. UBS Group restated a "buy" rating on shares of Microchip Technology in a research report on Tuesday, June 2nd. Wells Fargo & Company cut their price objective on shares of Microchip Technology from $95.00 to $88.00 and set an "equal weight" rating for the company in a research report on Monday, July 20th. Finally, Rosenblatt Securities lifted their target price on Microchip Technology from $115.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.76.

About Microchip Technology

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.