Microchip Technology Incorporated $MCHP Stake Lowered by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. cut its Microchip Technology stake by 30.4% in the third quarter, selling 17,449 shares and retaining 39,919 shares valued at approximately $3.1 million. Institutional investors and hedge funds collectively own 91.51% of MCHP.
• Microchip reported quarterly EPS of $0.76, beating estimates of $0.70, while revenue rose 38% year over year to $1.48 billion. The company also declared a quarterly dividend of $0.455 per share, representing a 2.6% yield.
• MCHP opened at $71.25, below its 50-day and 200-day moving averages, while analysts maintained a consensus “Moderate Buy” rating with an average price target of $98.67.

First Citizens Bank & Trust Co. reduced its holdings in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 30.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 39,919 shares of the semiconductor company's stock after selling 17,449 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Microchip Technology were worth $3,104,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp grew its stake in Microchip Technology by 2.9% during the 2nd quarter. State Street Corp now owns 28,851,673 shares of the semiconductor company's stock worth $2,631,273,000 after buying an additional 821,147 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Microchip Technology by 18.3% during the second quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company's stock worth $750,102,000 after acquiring an additional 1,272,838 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Microchip Technology by 4.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,919,171 shares of the semiconductor company's stock worth $632,050,000 after acquiring an additional 441,868 shares during the period. Artemis Wealth Advisors LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter worth about $541,413,000. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Microchip Technology in the 2nd quarter worth about $537,423,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Microchip Technology Stock Down 3.9%

MCHP opened at $71.25 on Thursday. 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 business has a 50 day moving average price of $75.76 and a 200 day moving average price of $82.41. The firm has a market cap of $38.69 billion, a P/E ratio of 45.22, a price-to-earnings-growth ratio of 0.52 and a beta of 1.77. 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 issued its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period in the previous year, the company posted $0.27 earnings per share. The company's quarterly revenue was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Research analysts forecast that Microchip Technology Incorporated will post 3.16 EPS for the current year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Stockholders of record on Monday, August 24th were given a $0.4550 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Monday, August 24th. Microchip Technology's dividend payout ratio (DPR) is currently 271.64%.

Analyst Upgrades and Downgrades

Several brokerages have commented on MCHP. Rosenblatt Securities restated a "buy" rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Friday, August 7th. TD Cowen reduced their price objective on Microchip Technology from $105.00 to $90.00 and set a "hold" rating for the company in a research report on Monday, July 13th. Cantor Fitzgerald reissued an "overweight" rating on shares of Microchip Technology in a report on Wednesday, September 9th. 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 report on Monday, July 20th. Finally, Weiss Ratings upgraded Microchip Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $98.67.

Insider Activity at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the firm's stock in a transaction 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 sale, the chief financial officer owned 28,573 shares of the company's stock, valued at approximately $2,152,118.36. This trade represents a 12.58% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed 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 Company 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.

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.