Microchip Technology Incorporated $MCHP Stock Position Decreased by Bank of America Corp DE

Bank of America Corp DE lessened its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,402,205 shares of the semiconductor company’s stock after selling 703,494 shares during the period. Bank of America Corp DE’s holdings in Microchip Technology were worth $736,696,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EFG International AG purchased a new stake in shares of Microchip Technology in the fourth quarter valued at $29,000. Miller Capital Partners Inc. acquired a new stake in shares of Microchip Technology in the fourth quarter worth $29,000. Reflection Asset Management purchased a new position in shares of Microchip Technology during the fourth quarter valued at $33,000. Garton & Associates Financial Advisors LLC acquired a new position in Microchip Technology during the fourth quarter valued at $33,000. Finally, Caitong International Asset Management Co. Ltd raised its position in Microchip Technology by 4,663.6% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 524 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 513 shares during the period. 91.51% of the stock is owned by hedge funds and other institutional investors.

Microchip Technology Price Performance

Shares of Microchip Technology stock opened at $74.29 on Friday. The company has a debt-to-equity ratio of 0.85, a current ratio of 2.09 and a quick ratio of 1.18. The company has a market cap of $40.34 billion, a PE ratio of 353.78, a price-to-earnings-growth ratio of 0.75 and a beta of 1.74. The firm has a fifty day moving average price of $88.87 and a two-hundred day moving average price of $81.15. Microchip Technology Incorporated has a fifty-two week low of $48.52 and a fifty-two week high of $105.91.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Thursday, May 7th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Microchip Technology had a return on equity of 10.87% and a net margin of 4.88%.Microchip Technology’s quarterly revenue was up 35.1% compared to the same quarter last year. During the same period last year, the business earned $0.11 earnings per share. Microchip Technology has set its Q1 2027 guidance at 0.670-0.710 EPS. Analysts expect that Microchip Technology Incorporated will post 2.7 EPS for the current year.

Microchip Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Shareholders of record on Friday, May 22nd were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, May 22nd. Microchip Technology’s dividend payout ratio is currently 866.67%.

Analyst Ratings Changes

MCHP has been the subject of a number of research analyst reports. UBS Group reiterated a “buy” rating on shares of Microchip Technology in a research report on Tuesday, June 2nd. Barclays upped their price target on shares of Microchip Technology from $80.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Monday, May 11th. Zacks Research upgraded Microchip Technology from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Wells Fargo & Company reduced their price objective on Microchip Technology from $95.00 to $88.00 and set an “equal weight” rating for the company in a research report on Monday, July 20th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $125.00 target price on shares of Microchip Technology in a research note on Wednesday, May 13th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $99.76.

Insiders Place Their Bets

In other Microchip Technology news, COO Richard J. Simoncic sold 5,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $97.52, for a total transaction of $487,600.00. Following the sale, the chief operating officer owned 130,508 shares of the company’s stock, valued at $12,727,140.16. This represents a 3.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew W. Chapman sold 3,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $97.52, for a total transaction of $292,560.00. Following the sale, the director directly owned 17,665 shares in the company, valued at $1,722,690.80. This trade represents a 14.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 26,750 shares of company stock valued at $2,543,170. 1.79% of the stock is currently owned by insiders.

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.