Microchip Technology Incorporated $MCHP Stock: Rakuten Investment Management Inc. Boosts Holdings

Rakuten Investment Management Inc. boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 13.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 227,846 shares of the semiconductor company’s stock after purchasing an additional 27,376 shares during the period. Rakuten Investment Management Inc.’s holdings in Microchip Technology were worth $17,950,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of MCHP. State Street Corp lifted its stake in Microchip Technology by 2.9% in the second quarter. State Street Corp now owns 28,851,673 shares of the semiconductor company’s stock valued at $2,631,273,000 after acquiring an additional 821,147 shares during the last quarter. Van ECK Associates Corp lifted its stake in Microchip Technology by 18.3% in the 2nd quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock valued at $750,102,000 after purchasing an additional 1,272,838 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Microchip Technology during the second quarter worth approximately $537,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Microchip Technology by 23.5% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,060,528 shares of the semiconductor company’s stock valued at $461,520,000 after buying an additional 962,362 shares during the period. Finally, Legal & General Group Plc bought a new stake in Microchip Technology in the 2nd quarter valued at $312,597,000. 91.51% of the stock is currently owned by institutional investors.

Microchip Technology Trading Down 3.3%

Shares of Microchip Technology stock opened at $75.30 on Thursday. The firm’s 50 day moving average is $75.37 and its 200 day moving average is $79.53. The firm has a market capitalization of $40.89 billion, a PE ratio of 112.39, a price-to-earnings-growth ratio of 0.54 and a beta of 1.84. Microchip Technology Incorporated has a 1 year low of $48.52 and a 1 year high of $105.91. The company has a current ratio of 1.92, a quick ratio of 1.11 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%. Microchip Technology’s quarterly revenue was up 38.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.27 EPS. Equities research analysts forecast that Microchip Technology Incorporated will post 3.20 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on MCHP shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Microchip Technology in a research report on Wednesday, September 9th. 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. UBS Group reiterated a “buy” rating and set a $120.00 price objective (down from $130.00) on shares of Microchip Technology in a research report on Friday, August 7th. Citigroup dropped their target price on Microchip Technology from $113.00 to $95.00 and set a “buy” rating for the company in a report on Friday, August 7th. Finally, B. Riley Financial reduced their target price on shares of Microchip Technology from $108.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Three analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $97.71.

Insider Activity at Microchip Technology

In related news, CFO James Bjornholt sold 4,112 shares of the stock in a transaction 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 directly owned 28,573 shares in the company, valued at $2,152,118.36. This represents a 12.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.79% of the company’s stock.

About Microchip Technology

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.