Connor Clark & Lunn Investment Management Ltd. Buys New Shares in Microchip Technology Incorporated $MCHP

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 514,140 shares of the semiconductor company’s stock, valued at approximately $46,890,000.

Several other hedge funds have also recently added to or reduced their stakes in MCHP. Norges Bank purchased a new position in shares of Microchip Technology during the 4th quarter valued at about $664,564,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Microchip Technology during the second quarter valued at approximately $537,423,000. Barclays PLC raised its stake in shares of Microchip Technology by 66.5% during the fourth 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 in the last quarter. Rafferty Asset Management LLC raised its stake in shares of Microchip Technology by 41.0% during the second 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 in the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Microchip Technology by 255.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company’s stock worth $150,271,000 after acquiring an additional 1,534,829 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $125.00 price objective on shares of Microchip Technology in a research note on Monday, August 17th. BMO Capital Markets assumed coverage on shares of Microchip Technology in a research note on Friday. They issued an “outperform” rating and a $95.00 price target for the company. Barclays upped their price target on shares of Microchip Technology from $80.00 to $105.00 and gave the company an “equal weight” rating in a research report on Monday, May 11th. Truist Financial decreased their price objective on Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, August 7th. Finally, Wells Fargo & Company dropped their target price 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. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $98.67.

Microchip Technology Stock Performance

Shares of NASDAQ:MCHP opened at $74.21 on Tuesday. The company has a current ratio of 1.92, a quick ratio of 1.11 and a debt-to-equity ratio of 0.83. The company has a 50-day moving average price of $83.77 and a 200-day moving average price of $81.49. The company has a market cap of $40.30 billion, a price-to-earnings ratio of 110.76, a price-to-earnings-growth ratio of 0.53 and a beta of 1.76. Microchip Technology Incorporated has a 12 month low of $48.52 and a 12 month high of $105.91.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.46 billion. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%.Microchip Technology’s revenue was up 38.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 EPS. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. As a group, equities analysts anticipate that Microchip Technology Incorporated will post 3.16 EPS for the current year.

Microchip Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be paid a $0.455 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.82 dividend on an annualized basis and a yield of 2.5%. Microchip Technology’s dividend payout ratio (DPR) is presently 271.64%.

Insider Activity at Microchip Technology

In other news, CFO James Eric Bjornholt sold 837 shares of Microchip Technology stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $80.26, for a total transaction of $67,177.62. Following the sale, the chief financial officer owned 30,960 shares of the company’s stock, valued at approximately $2,484,849.60. The trade was a 2.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew W. Chapman sold 3,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $97.52, for a total transaction of $292,560.00. Following the transaction, the director owned 17,665 shares in the company, valued at $1,722,690.80. This represents a 14.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 8,837 shares of company stock worth $847,338 over the last quarter. Corporate insiders own 1.79% of the company’s stock.

Microchip Technology 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.