Principal Financial Group Inc. Has $53.85 Million Position in Microchip Technology Incorporated $MCHP

Principal Financial Group Inc. lessened its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 590,466 shares of the semiconductor company’s stock after selling 17,516 shares during the period. Principal Financial Group Inc.’s holdings in Microchip Technology were worth $53,850,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in MCHP. Norges Bank acquired a new position in Microchip Technology during the fourth quarter valued at approximately $664,564,000. Barclays PLC increased its stake in shares of Microchip Technology by 66.5% in the 4th quarter. Barclays PLC now owns 13,996,883 shares of the semiconductor company’s stock valued at $891,881,000 after purchasing an additional 5,590,210 shares during the last quarter. Rafferty Asset Management LLC increased its stake in shares of 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 purchasing an additional 1,803,945 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Microchip Technology by 255.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company’s stock worth $150,271,000 after buying an additional 1,534,829 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new position in shares of Microchip Technology during the 2nd quarter worth $101,359,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Stock Up 1.9%

Shares of MCHP opened at $79.17 on Friday. The stock’s 50-day moving average price is $85.72 and its two-hundred day moving average price is $81.47. Microchip Technology Incorporated has a 12 month low of $48.52 and a 12 month high of $105.91. The company has a market capitalization of $42.99 billion, a PE ratio of 118.17, a PEG ratio of 0.62 and a beta of 1.76. The company has a current ratio of 1.92, a quick ratio of 1.11 and a debt-to-equity ratio of 0.83.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a return on equity of 14.97% and a net margin of 9.34%.The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period last year, the company earned $0.27 earnings per share. The firm’s revenue was up 38.0% compared to the same quarter last year. Microchip Technology has set its Q2 2027 guidance at 0.910-0.950 EPS. On average, analysts anticipate that Microchip Technology Incorporated will post 2.81 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 9th. Stockholders of record on Monday, August 24th will be given a dividend of $0.455 per share. 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, August 24th. Microchip Technology’s dividend payout ratio is 271.64%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MCHP shares. UBS Group reaffirmed a “buy” rating and issued a $120.00 price objective (down from $130.00) on shares of Microchip Technology in a research note on Friday, August 7th. Needham & Company LLC increased their target price on shares of Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Wells Fargo & Company dropped their target price on shares of Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating for the company in a report on Monday, July 20th. Wall Street Zen raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, JPMorgan Chase & Co. raised their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Three research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $98.85.

Insiders Place Their Bets

In related news, Director Matthew W. Chapman sold 3,000 shares of Microchip Technology stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total value of $292,560.00. Following the completion of the sale, the director owned 17,665 shares of the company’s stock, valued at approximately $1,722,690.80. This trade represents a 14.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 3,667 shares of Microchip Technology stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $90.87, for a total value of $333,220.29. Following the transaction, the chief financial officer directly owned 28,573 shares in the company, valued at approximately $2,596,428.51. The trade was a 11.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 16,667 shares of company stock worth $1,580,580. Corporate insiders own 1.79% of the company’s stock.

Microchip Technology Company 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.