Truist Financial Corp Reduces Stock Position in Microchip Technology Incorporated $MCHP

Truist Financial Corp reduced its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 164,707 shares of the semiconductor company’s stock after selling 24,262 shares during the period. Truist Financial Corp’s holdings in Microchip Technology were worth $10,495,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MCHP. Vanguard Group Inc. lifted its holdings in Microchip Technology by 2.1% in the third quarter. Vanguard Group Inc. now owns 72,075,558 shares of the semiconductor company’s stock worth $4,628,692,000 after buying an additional 1,507,554 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Microchip Technology by 13.5% during the third quarter. PNC Financial Services Group Inc. now owns 209,384 shares of the semiconductor company’s stock valued at $13,447,000 after purchasing an additional 24,963 shares during the last quarter. Natixis Advisors LLC lifted its holdings in shares of Microchip Technology by 18.7% during the third quarter. Natixis Advisors LLC now owns 1,233,018 shares of the semiconductor company’s stock valued at $79,184,000 after purchasing an additional 194,048 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Microchip Technology by 18.2% during the third quarter. CIBC Private Wealth Group LLC now owns 1,470,059 shares of the semiconductor company’s stock valued at $94,407,000 after purchasing an additional 226,078 shares during the last quarter. Finally, Cibc World Market Inc. lifted its holdings in shares of Microchip Technology by 223.4% during the third quarter. Cibc World Market Inc. now owns 140,902 shares of the semiconductor company’s stock valued at $9,049,000 after purchasing an additional 97,333 shares during the last quarter. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Microchip Technology News Roundup

Here are the key news stories impacting Microchip Technology this week:

• Positive Sentiment: Microchip delivered stronger-than-expected fiscal Q4 results, with earnings and revenue topping estimates and bookings improving, which supports the case for a recovery in demand. MCHP Q4 Earnings Top Estimates, Broad-Based Demand Recovery Aids Sales
• Positive Sentiment: Analysts quickly turned more constructive after the report, with multiple firms raising price targets to $113-$120 and several reiterating buy/overweight-type ratings, signaling increased confidence in earnings momentum. Analysts Boost Their Forecasts Following Upbeat Q4 Results
• Positive Sentiment: Citigroup, JPMorgan, Susquehanna, Needham, Rosenblatt and others lifted targets, reinforcing the view that Microchip’s recovery is broadening and that shares may still have room to run. Tickerreport.com
• Positive Sentiment: The company also increased its quarterly dividend to 45.5 cents per share, which may appeal to income-focused investors and reflects confidence in cash generation. Microchip Technology Announces Quarterly Cash Dividend on Common Stock of 45.5 Cents Per Share

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MCHP shares. B. Riley Financial lifted their target price on shares of Microchip Technology from $85.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 12th. KeyCorp reiterated an “overweight” rating and set a $85.00 target price on shares of Microchip Technology in a report on Friday, February 6th. Wall Street Zen upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Saturday. Cantor Fitzgerald lifted their target price on shares of Microchip Technology from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Finally, Weiss Ratings upgraded shares of Microchip Technology from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, April 24th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $95.35.

Insider Buying and Selling

In other Microchip Technology news, CEO Steve Sanghi sold 76,469 shares of Microchip Technology stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $93.58, for a total value of $7,155,969.02. Following the completion of the sale, the chief executive officer owned 9,385,834 shares of the company’s stock, valued at approximately $878,326,345.72. The trade was a 0.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 526,552 shares of company stock valued at $47,130,465. Insiders own 1.94% of the company’s stock.

Microchip Technology Trading Down 2.5%

NASDAQ:MCHP opened at $99.09 on Friday. The company has a current ratio of 2.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.82. Microchip Technology Incorporated has a 12 month low of $48.52 and a 12 month high of $105.91. The company has a market cap of $53.62 billion, a PE ratio of 471.88, a price-to-earnings-growth ratio of 1.36 and a beta of 1.75. The company has a 50 day simple moving average of $73.27 and a two-hundred day simple moving average of $69.20.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. Microchip Technology had a net margin of 4.88% and a return on equity of 10.76%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the firm posted $0.11 EPS. The firm’s revenue was up 35.1% on a year-over-year basis. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. Research analysts forecast that Microchip Technology Incorporated will post 2.14 earnings per share for the current year.

Microchip Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 5th. Shareholders of record on Friday, May 22nd will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, May 22nd. Microchip Technology’s payout ratio is 866.67%.

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.