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

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,253,941 shares of the semiconductor company’s stock after selling 19,271 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Microchip Technology worth $97,519,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in Microchip Technology by 2.9% during 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 purchasing an additional 821,147 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Microchip Technology by 18.3% in the second quarter. Van ECK Associates Corp now owns 8,224,808 shares of the semiconductor company’s stock worth $750,102,000 after purchasing an additional 1,272,838 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Microchip Technology in the second quarter worth about $537,423,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of 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 worth $461,520,000 after purchasing an additional 962,362 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Microchip Technology in the second quarter valued at approximately $312,597,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Buying and Selling

In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $75.32, for a total value of $309,715.84. Following the completion of the transaction, the chief financial officer owned 28,573 shares of the company’s stock, valued at $2,152,118.36. The trade was a 12.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.79% of the stock is currently owned by corporate insiders.

Microchip Technology Stock Performance

NASDAQ:MCHP opened at $76.11 on Tuesday. The business’s 50-day moving average price is $75.26 and its two-hundred day moving average price is $79.51. Microchip Technology Incorporated has a twelve month low of $48.52 and a twelve month high of $105.91. The stock has a market cap of $41.33 billion, a P/E ratio of 113.60, a PEG ratio of 0.55 and a beta of 1.77. The company has a quick ratio of 1.11, a current ratio of 1.92 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results 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. The firm 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% on a year-over-year basis. During the same quarter last year, the company posted $0.27 EPS. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. As a group, equities analysts predict that Microchip Technology Incorporated will post 3.20 EPS for the current fiscal year.

Microchip Technology Announces Dividend

The business also recently announced 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 was Monday, August 24th. This represents a $1.82 annualized dividend and a yield of 2.4%. Microchip Technology’s payout ratio is presently 271.64%.

Wall Street Analyst Weigh In

MCHP has been the topic of several research reports. BMO Capital Markets initiated coverage on shares of Microchip Technology in a research report on Friday, August 21st. They issued an “outperform” rating and a $95.00 price target on the stock. B. Riley Financial dropped their target price on Microchip Technology from $108.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Truist Financial dropped 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. Weiss Ratings upgraded Microchip Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Citigroup reduced 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. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $97.71.

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.