Microchip Technology Incorporated $MCHP Stock Position Lessened by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,253,941 shares of the semiconductor company’s stock after selling 19,271 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Microchip Technology were worth $97,519,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Private Capital Advisors Inc. purchased a new position in shares of Microchip Technology during the third quarter worth approximately $21,230,000. Junto Capital Management LP bought a new stake in shares of Microchip Technology in the 2nd quarter worth approximately $38,537,000. Viking Fund Management LLC purchased a new stake in shares of Microchip Technology in the 3rd quarter valued at $8,555,000. Hsbc Holdings PLC boosted its stake in shares of Microchip Technology by 13.0% in the 1st quarter. Hsbc Holdings PLC now owns 1,160,129 shares of the semiconductor company’s stock valued at $74,649,000 after purchasing an additional 133,813 shares in the last quarter. Finally, LGT Fund Management Co Ltd. purchased a new stake in shares of Microchip Technology in the 1st quarter valued at $3,428,000. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Trading Down 1.6%

Shares of MCHP opened at $76.11 on Tuesday. The stock has a market capitalization of $41.33 billion, a P/E ratio of 113.60, a PEG ratio of 0.55 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. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83. The firm has a fifty day simple moving average of $75.26 and a two-hundred day simple moving average of $79.51.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data 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. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.46 billion. During the same quarter in the previous year, the company earned $0.27 earnings per share. The company’s revenue for the quarter 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. On average, research analysts anticipate that Microchip Technology Incorporated will post 3.20 EPS for the current year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th were given a dividend of $0.4550 per share. The ex-dividend date of this dividend was Monday, August 24th. This represents a $1.82 dividend on an annualized basis and a yield of 2.4%. Microchip Technology’s dividend payout ratio is presently 271.64%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Microchip Technology in a report on Wednesday, September 9th. Wells Fargo & Company lowered their price target on shares of Microchip Technology from $88.00 to $80.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 20th. Zacks Research downgraded shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Truist Financial cut their price target on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating for the company in a research report on Friday, August 7th. Finally, Weiss Ratings raised Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $97.71.

Microchip Technology Profile

Microchip Technology Incorporated (NASDAQ:MCHP) develops and manufactures semiconductor products used in embedded control and connected electronic systems. Its portfolio includes microcontrollers, microprocessors, analog and power-management devices, memory products, timing and connectivity components, security solutions, and field-programmable gate arrays. The company also provides development tools, software, evaluation kits, and technical support to help customers design and produce electronic equipment.

Microchip’s products are used across a range of markets, including automotive, industrial, aerospace and defense, communications, consumer electronics, data centers, and medical applications.