Pitcairn Co. Sells 21,152 Shares of Microchip Technology Incorporated $MCHP

Key Points

• Pitcairn Co. cut its stake in Microchip by 71% in Q3, selling 21,152 shares and leaving it with 8,631 shares valued at about $554,000.
• Several large institutions sharply increased positions—Norges Bank bought a new stake worth roughly $473.3M and Dodge & Cox boosted holdings by 958% to ~6.34M shares—leaving institutional investors owning 91.51% of the stock.
• CEO Steve Sanghi sold 98,814 shares on Jan. 28 for about $7.96M, trimming his position by 0.99%; company insiders now own 1.94% of Microchip.

Pitcairn Co. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 71.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,631 shares of the semiconductor company's stock after selling 21,152 shares during the quarter. Pitcairn Co.'s holdings in Microchip Technology were worth $554,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Microchip Technology in the second quarter valued at approximately $473,320,000. Dodge & Cox increased its holdings in Microchip Technology by 958.4% during the 2nd quarter. Dodge & Cox now owns 6,339,800 shares of the semiconductor company's stock worth $446,132,000 after purchasing an additional 5,740,827 shares during the period. Boston Partners raised its position in Microchip Technology by 38.2% during the 2nd quarter. Boston Partners now owns 14,827,447 shares of the semiconductor company's stock valued at $1,041,868,000 after purchasing an additional 4,101,034 shares in the last quarter. State Street Corp raised its position in Microchip Technology by 8.5% during the 2nd quarter. State Street Corp now owns 31,888,814 shares of the semiconductor company's stock valued at $2,244,016,000 after purchasing an additional 2,489,258 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Microchip Technology by 582.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,154,164 shares of the semiconductor company's stock worth $151,589,000 after buying an additional 1,838,300 shares during the period. Institutional investors own 91.51% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group increased their price target on Microchip Technology from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Bank of America upgraded Microchip Technology from a "neutral" rating to a "buy" rating and set a $95.00 price objective for the company in a report on Wednesday, January 28th. Morgan Stanley upped their price objective on shares of Microchip Technology from $68.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 6th. Argus raised shares of Microchip Technology to a "strong-buy" rating in a research report on Monday, February 9th. Finally, Rosenblatt Securities boosted their price target on shares of Microchip Technology from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, February 6th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $86.00.

Insider Buying and Selling

In related news, CEO Steve Sanghi sold 98,814 shares of Microchip Technology stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $80.55, for a total value of $7,959,467.70. Following the completion of the sale, the chief executive officer directly owned 9,922,319 shares in the company, valued at $799,242,795.45. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.94% of the stock is owned by company insiders.

Microchip Technology Stock Down 4.4%

Shares of MCHP stock opened at $64.82 on Friday. The stock's fifty day moving average price is $74.23 and its 200 day moving average price is $66.73. Microchip Technology Incorporated has a 1-year low of $34.13 and a 1-year high of $83.35. The company has a market cap of $35.08 billion, a price-to-earnings ratio of -223.52, a price-to-earnings-growth ratio of 1.63 and a beta of 1.45. The company has a debt-to-equity ratio of 0.82, a current ratio of 2.16 and a quick ratio of 1.16.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The semiconductor company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.19 billion. Microchip Technology had a positive return on equity of 7.16% and a negative net margin of 1.57%.The firm's revenue was up 15.6% compared to the same quarter last year. During the same period last year, the business posted $0.20 earnings per share. Microchip Technology has set its Q4 2026 guidance at 0.480-0.520 EPS. On average, research analysts expect that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Monday, February 23rd will be given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, February 23rd. Microchip Technology's dividend payout ratio (DPR) is presently -627.59%.

Microchip Technology Company 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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