Rafferty Asset Management LLC Sells 1,373,648 Shares of Microchip Technology Incorporated $MCHP

Rafferty Asset Management LLC lowered its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 22.1% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,830,114 shares of the semiconductor company’s stock after selling 1,373,648 shares during the quarter. Microchip Technology comprises 1.0% of Rafferty Asset Management LLC’s investment portfolio, making the stock its 26th largest holding. Rafferty Asset Management LLC’s holdings in Microchip Technology were worth $310,190,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Microchip Technology by 2.1% during 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 in the last quarter. Boston Partners boosted its holdings in Microchip Technology by 38.0% during the 2nd quarter. Boston Partners now owns 14,802,525 shares of the semiconductor company’s stock worth $1,040,114,000 after acquiring an additional 4,076,112 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Microchip Technology by 13.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 209,384 shares of the semiconductor company’s stock worth $13,447,000 after acquiring an additional 24,963 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of 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 acquiring an additional 1,694,533 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in shares of Microchip Technology by 37.2% in the third quarter. Voya Investment Management LLC now owns 3,361,581 shares of the semiconductor company’s stock valued at $215,881,000 after purchasing an additional 911,731 shares during the last quarter. 91.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Microchip Technology

In related news, CEO Steve Sanghi sold 98,814 shares of Microchip Technology stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $80.55, for a total value of $7,959,467.70. Following the completion of the sale, the chief executive officer owned 9,922,319 shares of the company’s stock, valued at approximately $799,242,795.45. This trade represents a 0.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.94% of the company’s stock.

Microchip Technology Stock Down 0.4%

Microchip Technology stock opened at $74.64 on Friday. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $83.35. The firm has a 50 day moving average price of $73.81 and a 200-day moving average price of $66.57. The company has a market capitalization of $40.39 billion, a P/E ratio of -257.38, a P/E/G ratio of 1.89 and a beta of 1.46. The company has a quick ratio of 1.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.82.

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

Microchip Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Monday, February 23rd will be paid a dividend of $0.455 per share. The ex-dividend date is Monday, February 23rd. This represents a $1.82 annualized dividend and a dividend yield of 2.4%. Microchip Technology’s dividend payout ratio is presently -627.59%.

Analyst Upgrades and Downgrades

MCHP has been the topic of several analyst reports. Wolfe Research set a $85.00 price target on shares of Microchip Technology in a report on Tuesday, January 6th. Susquehanna lifted their target price on shares of Microchip Technology from $75.00 to $90.00 and gave the stock a “positive” rating in a research report on Thursday, January 22nd. B. Riley Financial boosted their target price on Microchip Technology from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Mizuho upped their target price on Microchip Technology from $83.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Finally, Cantor Fitzgerald lifted their price target on Microchip Technology from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $86.00.

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.