Engineers Gate Manager LP Boosts Position in Microchip Technology Incorporated $MCHP

Engineers Gate Manager LP raised its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 480.1% during the 2nd quarter, Holdings Channel reports. The firm owned 32,308 shares of the semiconductor company’s stock after acquiring an additional 26,739 shares during the quarter. Engineers Gate Manager LP’s holdings in Microchip Technology were worth $2,946,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System grew its stake in Microchip Technology by 9,307.4% in the 2nd quarter. California State Teachers Retirement System now owns 74,723,990 shares of the semiconductor company’s stock valued at $6,814,828,000 after acquiring an additional 73,929,678 shares during the last quarter. Norges Bank purchased a new position in Microchip Technology during the 4th quarter valued at about $664,564,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Microchip Technology during the second quarter worth about $537,423,000. Barclays PLC raised its position in Microchip Technology by 66.5% during the fourth quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company’s stock worth $891,881,000 after acquiring an additional 5,590,210 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Microchip Technology in the second quarter valued at about $312,597,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Performance

Shares of MCHP stock opened at $74.20 on Monday. The firm has a market cap of $40.29 billion, a P/E ratio of 110.75, a PEG ratio of 0.52 and a beta of 1.75. The firm’s 50-day simple moving average is $78.36 and its 200-day simple moving average is $81.05. Microchip Technology Incorporated has a 1-year low of $48.52 and a 1-year high of $105.91. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.92 and a quick ratio of 1.11.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. The company had revenue of $1.48 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business’s quarterly revenue was up 38.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.27 EPS. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. As a group, equities analysts forecast that Microchip Technology Incorporated will post 3.16 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 9th. Shareholders of record on Monday, August 24th were given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Monday, August 24th. Microchip Technology’s payout ratio is 271.64%.

Insider Buying and Selling

In other Microchip Technology news, CFO James Bjornholt sold 4,112 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $75.32, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.79% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on MCHP shares. Rosenblatt Securities reiterated a “buy” rating and issued a $120.00 price target on shares of Microchip Technology in a research report on Friday, August 7th. Zacks Research downgraded Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 17th. Citigroup reduced their target price on Microchip Technology from $113.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. BMO Capital Markets began coverage on Microchip Technology in a report on Friday, August 21st. They set an “outperform” rating and a $95.00 target price on the stock. Finally, UBS Group reissued a “buy” rating and set a $120.00 price target (down from $130.00) on shares of Microchip Technology in a research report on Friday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.67.

Microchip Technology Profile

Microchip Technology Incorporated (NASDAQ: MCHP) develops and manufactures semiconductor products for embedded control and connected applications. Its portfolio includes microcontrollers, microprocessors, analog and mixed-signal devices, power-management products, timing and connectivity solutions, memory products, field-programmable gate arrays (FPGAs), and security components.

The company also provides development tools, software, reference designs, and technical support that help customers design and integrate embedded systems.