Microchip Technology Incorporated $MCHP Shares Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. raised its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 101.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 875,059 shares of the semiconductor company's stock after acquiring an additional 441,479 shares during the quarter. Assenagon Asset Management S.A. owned about 0.16% of Microchip Technology worth $68,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Resonant Capital Advisors LLC lifted its holdings in Microchip Technology by 0.9% during the 1st quarter. Resonant Capital Advisors LLC now owns 12,542 shares of the semiconductor company's stock worth $810,000 after buying an additional 118 shares in the last quarter. Apella Capital LLC boosted its holdings in Microchip Technology by 4.8% in the second quarter. Apella Capital LLC now owns 2,669 shares of the semiconductor company's stock valued at $225,000 after acquiring an additional 122 shares during the last quarter. Bridgewater Advisors Inc. boosted its holdings in Microchip Technology by 4.2% in the second quarter. Bridgewater Advisors Inc. now owns 3,331 shares of the semiconductor company's stock valued at $304,000 after acquiring an additional 133 shares during the last quarter. Total Wealth Planning & Management Inc. increased its position in Microchip Technology by 3.5% in the second quarter. Total Wealth Planning & Management Inc. now owns 4,225 shares of the semiconductor company's stock worth $385,000 after purchasing an additional 141 shares during the period. Finally, Texas Capital Bank Wealth Management Services Inc increased its position in Microchip Technology by 2.0% in the second quarter. Texas Capital Bank Wealth Management Services Inc now owns 7,513 shares of the semiconductor company's stock worth $685,000 after purchasing an additional 144 shares during the period. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

NASDAQ MCHP opened at $73.85 on Friday. The business has a 50 day simple moving average of $75.54 and a 200 day simple moving average of $82.44. Microchip Technology Incorporated has a 52-week low of $48.52 and a 52-week high of $105.91. 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 stock has a market cap of $40.10 billion, a price-to-earnings ratio of 45.28, a PEG ratio of 0.52 and a beta of 1.77.

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 for the quarter, beating analysts' consensus estimates of $0.70 by $0.06. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business's revenue was up 38.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Analysts anticipate that Microchip Technology Incorporated will post 3.16 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th were paid a $0.4550 dividend. The ex-dividend date was Monday, August 24th. This represents a $1.82 annualized dividend and a yield of 2.5%. Microchip Technology's payout ratio is presently 271.64%.

Analysts Set New Price Targets

Several analysts have weighed in on MCHP shares. BMO Capital Markets initiated coverage on Microchip Technology in a report on Friday, August 21st. They set an "outperform" rating and a $95.00 price objective for the company. Truist Financial reduced 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 Friday, August 7th. Citigroup lowered their price target on shares of Microchip Technology from $113.00 to $95.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Cantor Fitzgerald reissued an "overweight" rating on shares of Microchip Technology in a research note on Wednesday, September 9th. Finally, UBS Group reissued a "buy" rating and set a $120.00 price target (down from $130.00) on shares of Microchip Technology in a research note on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Microchip Technology has a consensus rating of "Moderate Buy" and an average target price of $98.67.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total transaction of $309,715.84. Following the completion of the transaction, the chief financial officer owned 28,573 shares of the company's stock, valued at $2,152,118.36. This represents a 12.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.79% of the stock is currently owned by company insiders.

Microchip Technology Profile

Microchip Technology Inc is a semiconductor company that develops and manufactures embedded control solutions for automotive, industrial, aerospace and defense, communications, consumer, and computing applications. Its products are designed to help customers manage processing, connectivity, power, timing, security, and data storage within electronic systems.

The company's product portfolio includes microcontrollers, microprocessors, analog and mixed-signal devices, power-management products, timing and synchronization solutions, memory products, connectivity components, and field-programmable gate arrays.

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP - Free Report).

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.