Mitsubishi UFJ Trust & Banking Corp Purchases 20,040 Shares of Microchip Technology Incorporated $MCHP

Key Points

• Mitsubishi UFJ Trust & Banking increased its Microchip Technology stake by 8.4% in the second quarter, adding 20,040 shares to hold 258,456 shares valued at approximately $23.6 million. Institutional investors collectively own 91.51% of the company.
• Analysts maintain a “Moderate Buy” consensus on MCHP, with an average price target of $98.85, although several firms recently lowered their targets.
• Microchip exceeded quarterly earnings expectations, reporting $0.76 in EPS on $1.48 billion in revenue, while revenue rose 38% year over year. The company also declared a quarterly dividend of $0.455 per share, yielding about 2.3%.

Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 8.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 258,456 shares of the semiconductor company's stock after purchasing an additional 20,040 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Microchip Technology were worth $23,571,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Microchip Technology in the 4th quarter valued at approximately $664,564,000. Barclays PLC grew its holdings in 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 acquiring an additional 5,590,210 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in 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 acquiring an additional 1,803,945 shares during the last quarter. Ameriprise Financial Inc. increased its position in Microchip Technology by 255.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company's stock valued at $150,271,000 after acquiring an additional 1,534,829 shares during the period. Finally, Worldquant Millennium Advisors LLC acquired a new position in Microchip Technology in the 2nd quarter valued at approximately $101,359,000. Institutional investors and hedge funds own 91.51% of the company's stock.

Wall Street Analyst Weigh In

MCHP has been the topic of a number of recent research reports. UBS Group reiterated a "buy" rating and set a $120.00 price target (down from $130.00) on shares of Microchip Technology in a report on Friday, August 7th. Truist Financial decreased their price objective on Microchip Technology from $105.00 to $90.00 and set a "hold" rating for the company in a report on Friday, August 7th. TD Cowen lowered their target price 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. Wells Fargo & Company lowered their target price on 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, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $125.00 target price on shares of Microchip Technology in a report on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.85.

Microchip Technology Price Performance

Shares of MCHP opened at $79.17 on Friday. 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 business's 50 day moving average price is $85.72 and its two-hundred day moving average price is $81.47. The firm has a market cap of $42.99 billion, a PE ratio of 118.17, a price-to-earnings-growth ratio of 0.62 and a beta of 1.76.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.70 by $0.06. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The company's quarterly revenue was up 38.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 EPS. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, equities analysts anticipate that Microchip Technology Incorporated will post 2.81 EPS for the current 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 issued a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Monday, August 24th. Microchip Technology's dividend payout ratio (DPR) is presently 271.64%.

Insiders Place Their Bets

In other Microchip Technology news, Director Matthew W. Chapman sold 3,000 shares of Microchip Technology 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 of the company's stock, valued at approximately $1,722,690.80. The trade was a 14.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 3,667 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $90.87, for a total transaction of $333,220.29. Following the transaction, the chief financial officer owned 28,573 shares in the company, valued at $2,596,428.51. This represents a 11.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 16,667 shares of company stock worth $1,580,580. 1.79% of the stock is currently owned by company insiders.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source