Van ECK Associates Corp Grows Position in Microchip Technology Incorporated $MCHP

Van ECK Associates Corp boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 18.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,224,808 shares of the semiconductor company’s stock after purchasing an additional 1,272,838 shares during the period. Van ECK Associates Corp owned approximately 1.51% of Microchip Technology worth $750,102,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Nissay Asset Management Corp Japan increased its holdings in shares of Microchip Technology by 23.3% during the 2nd quarter. Nissay Asset Management Corp Japan now owns 349,560 shares of the semiconductor company’s stock worth $31,880,000 after buying an additional 66,106 shares during the last quarter. Kingsview Wealth Management LLC acquired a new stake in Microchip Technology during the 2nd quarter worth approximately $314,000. Beacon Pointe Advisors LLC purchased a new position in Microchip Technology in the second quarter valued at approximately $5,164,000. Pin Oak Investment Advisors Inc. acquired a new position in Microchip Technology during the second quarter valued at approximately $46,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Microchip Technology during the second quarter worth approximately $277,000. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

NASDAQ MCHP opened at $72.93 on Friday. Microchip Technology Incorporated has a 12 month low of $48.52 and a 12 month high of $105.91. The firm has a market capitalization of $39.60 billion, a PE ratio of 108.85, a P/E/G ratio of 0.53 and a beta of 1.76. The company’s 50 day simple moving average is $81.90 and its 200 day simple moving average is $81.37. 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 released its earnings results on Thursday, August 6th. The semiconductor company reported $0.76 earnings per share 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 firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. The firm’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 forecast that Microchip Technology Incorporated will post 3.16 EPS for the current fiscal year.

Microchip Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 9th. Investors of record on Monday, August 24th will be issued 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 is Monday, August 24th. Microchip Technology’s payout ratio is presently 271.64%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MCHP. JPMorgan Chase & Co. upped their target price on Microchip Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Susquehanna boosted their target price on shares of Microchip Technology from $95.00 to $120.00 and gave the stock a “positive” rating in a research report on Friday, May 8th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $125.00 price target on shares of Microchip Technology in a report on Monday, August 17th. Wall Street Zen raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Finally, Truist Financial dropped their target price on Microchip Technology from $105.00 to $90.00 and set a “hold” rating on the stock in a research report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $98.67.

Insider Activity

In other Microchip Technology news, COO Richard J. Simoncic sold 5,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $97.52, for a total value of $487,600.00. Following the sale, the chief operating officer directly owned 130,508 shares in the company, valued at approximately $12,727,140.16. The trade was a 3.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 4,112 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were 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 of the company’s stock, valued at $2,152,118.36. The trade was a 12.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 9,949 shares of company stock worth $864,493. 1.79% of the stock is owned by company insiders.

Microchip Technology 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.