Muhlenkamp & Co. Inc. Acquires Shares of 203,139 Microchip Technology Incorporated $MCHP

Muhlenkamp & Co. Inc. bought a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the second quarter, HoldingsChannel reports. The institutional investor bought 203,139 shares of the semiconductor company’s stock, valued at approximately $18,526,000. Microchip Technology accounts for approximately 5.4% of Muhlenkamp & Co. Inc.’s investment portfolio, making the stock its 7th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Microchip Technology during the 4th quarter valued at $664,564,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Microchip Technology in the 2nd quarter worth $537,423,000. Barclays PLC lifted its holdings in Microchip Technology by 66.5% in the 4th quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company’s stock worth $891,881,000 after buying an additional 5,590,210 shares in the last quarter. Legal & General Group Plc purchased a new position in Microchip Technology in the 2nd quarter valued at about $312,597,000. Finally, Rafferty Asset Management LLC boosted its position in Microchip Technology by 41.0% in the 2nd quarter. Rafferty Asset Management LLC now owns 6,203,762 shares of the semiconductor company’s stock valued at $436,559,000 after buying an additional 1,803,945 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Microchip Technology

In related news, COO Richard J. Simoncic sold 5,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $97.52, for a total transaction of $487,600.00. Following the transaction, the chief operating officer directly owned 130,508 shares in the company, valued at $12,727,140.16. This trade represents a 3.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO James Eric Bjornholt sold 4,112 shares of the firm’s 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 transaction, the chief financial officer owned 28,573 shares in the company, valued at $2,152,118.36. This trade represents a 12.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 9,949 shares of company stock valued at $864,493. Insiders own 1.79% of the company’s stock.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $72.93 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.11 and a current ratio of 1.92. Microchip Technology Incorporated has a 1 year low of $48.52 and a 1 year high of $105.91. The firm’s 50-day simple moving average is $81.90 and its 200-day simple moving average is $81.37. The firm has a market cap of $39.60 billion, a PE ratio of 108.85, a price-to-earnings-growth ratio of 0.53 and a beta of 1.76.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Thursday, August 6th. The semiconductor company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $1.48 billion during 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%.The company’s revenue for the quarter was up 38.0% compared to the same quarter last year. During the same period last year, the firm earned $0.27 earnings per share. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. Equities analysts forecast that Microchip Technology Incorporated will post 3.16 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

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

Analyst Ratings Changes

MCHP has been the topic of a number of analyst reports. BMO Capital Markets initiated coverage on Microchip Technology in a research report on Friday, August 21st. They set an “outperform” rating and a $95.00 target price on the stock. Weiss Ratings raised Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Truist Financial lowered their price objective on Microchip Technology from $105.00 to $90.00 and set a “hold” rating for the company in a research note on Friday, August 7th. Zacks Research lowered Microchip Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 17th. Finally, Wall Street Zen raised Microchip Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.67.

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.