ICICI Prudential Asset Management Co Ltd Trims Stake in Microchip Technology Incorporated $MCHP

ICICI Prudential Asset Management Co Ltd lowered its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 90.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 8,288 shares of the semiconductor company’s stock after selling 78,992 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Microchip Technology were worth $532,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in MCHP. Vanguard Group Inc. grew its stake in shares of 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 purchasing an additional 1,507,554 shares during the last quarter. Mizuho Markets Cayman LP bought a new position in Microchip Technology during the 2nd quarter valued at approximately $107,584,000. Boston Partners lifted its holdings in Microchip Technology by 38.0% in the 2nd quarter. Boston Partners now owns 14,802,525 shares of the semiconductor company’s stock worth $1,040,114,000 after buying an additional 4,076,112 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Microchip Technology by 498.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,034,797 shares of the semiconductor company’s stock worth $130,675,000 after buying an additional 1,694,533 shares during the period. Finally, Voya Investment Management LLC grew its position in shares of Microchip Technology by 37.2% in the 3rd quarter. Voya Investment Management LLC now owns 3,361,581 shares of the semiconductor company’s stock worth $215,881,000 after buying an additional 911,731 shares during the last quarter. Institutional investors own 91.51% of the company’s stock.

Insider Activity at Microchip Technology

In related news, CFO James Eric Bjornholt sold 4,292 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $50.39, for a total transaction of $216,273.88. Following the completion of the transaction, the chief financial officer owned 30,089 shares of the company’s stock, valued at $1,516,184.71. This trade represents a 12.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Sanghi sold 98,814 shares of Microchip Technology stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $80.55, for a total value of $7,959,467.70. Following the transaction, the chief executive officer owned 9,922,319 shares of the company’s stock, valued at $799,242,795.45. The trade was a 0.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 121,615 shares of company stock worth $9,641,654 in the last 90 days. 1.94% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently commented on MCHP. Piper Sandler upped their target price on Microchip Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Cantor Fitzgerald boosted their price objective on shares of Microchip Technology from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Wolfe Research set a $85.00 price objective on shares of Microchip Technology in a report on Tuesday, January 6th. Bank of America raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $95.00 target price on the stock in a research note on Wednesday, January 28th. Finally, Susquehanna boosted their price target on shares of Microchip Technology from $75.00 to $90.00 and gave the company a “positive” rating in a research report on Thursday, January 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.00.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $77.73 on Friday. The company’s fifty day moving average price is $72.77 and its 200-day moving average price is $66.19. The stock has a market cap of $42.06 billion, a PE ratio of -268.03, a price-to-earnings-growth ratio of 1.94 and a beta of 1.46. 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 $34.13 and a 12 month high of $83.35.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Thursday, February 5th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The company had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.19 billion. Microchip Technology had a negative net margin of 1.57% and a positive return on equity of 7.16%. Microchip Technology’s revenue was up 15.6% on a year-over-year basis. During the same period last year, the company posted $0.20 EPS. Microchip Technology has set its Q4 2026 guidance at 0.480-0.520 EPS. On average, equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Monday, February 23rd will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Monday, February 23rd. Microchip Technology’s payout ratio is currently -627.59%.

About Microchip Technology

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.