Harel Insurance Investments & Financial Services Ltd. Invests $10.61 Million in Microchip Technology Incorporated $MCHP

Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 116,350 shares of the semiconductor company’s stock, valued at approximately $10,611,000.

A number of other hedge funds have also added to or reduced their stakes in MCHP. Norges Bank acquired a new position in Microchip Technology during the fourth quarter valued at approximately $664,564,000. Barclays PLC boosted its holdings 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 in 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. increased its stake in shares of Microchip Technology by 255.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 2,135,140 shares of the semiconductor company’s stock valued at $150,271,000 after purchasing an additional 1,534,829 shares during 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. 91.51% of the stock is owned by institutional investors.

Microchip Technology Price Performance

Shares of MCHP opened at $77.69 on Friday. The business has a 50-day moving average of $85.90 and a 200-day moving average of $81.49. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.92 and a quick ratio of 1.11. The company has a market capitalization of $42.19 billion, a price-to-earnings ratio of 115.96, a price-to-earnings-growth ratio of 0.62 and a beta of 1.76. Microchip Technology Incorporated has a 1 year low of $48.52 and a 1 year high of $105.91.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.06. Microchip Technology had a net margin of 9.34% and a return on equity of 14.97%. The business had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same quarter in the prior year, the firm posted $0.27 EPS. The company’s revenue for the quarter 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. As a group, equities research analysts anticipate that Microchip Technology Incorporated will post 2.81 earnings per share for the current year.

Microchip Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be paid a dividend of $0.455 per share. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.82 annualized dividend and a yield of 2.3%. Microchip Technology’s dividend payout ratio is currently 271.64%.

Insider Buying and Selling

In other news, Director Matthew W. Chapman sold 3,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $97.52, for a total transaction of $292,560.00. Following the transaction, the director owned 17,665 shares in the company, valued at approximately $1,722,690.80. This represents a 14.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Richard J. Simoncic sold 5,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $97.52, for a total transaction of $487,600.00. Following the transaction, the chief operating officer directly owned 130,508 shares in the company, valued at $12,727,140.16. This trade represents a 3.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 16,667 shares of company stock valued at $1,580,580 over the last ninety days. 1.79% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on MCHP shares. Cantor Fitzgerald restated an “overweight” rating and set a $125.00 price objective on shares of Microchip Technology in a research report on Monday, August 3rd. Barclays raised their price target on shares of Microchip Technology from $80.00 to $105.00 and gave the company an “equal weight” rating in a research note on Monday, May 11th. Truist Financial decreased their price target on shares of Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a report on Friday, August 7th. Needham & Company LLC upped their price objective on shares of Microchip Technology from $84.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Finally, Wall Street Zen raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Three 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.85.

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.