Microchip Technology Incorporated $MCHP Holdings Boosted by Bank of America Corp DE

Bank of America Corp DE raised its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 18.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,419,944 shares of the semiconductor company’s stock after purchasing an additional 1,803,831 shares during the quarter. Bank of America Corp DE owned 2.11% of Microchip Technology worth $733,389,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Aquatic Capital Management LLC acquired a new position in Microchip Technology during the third quarter valued at $1,045,000. Alliancebernstein L.P. boosted its position in Microchip Technology by 3.4% during the 3rd quarter. Alliancebernstein L.P. now owns 642,909 shares of the semiconductor company’s stock worth $41,288,000 after acquiring an additional 21,099 shares during the period. Ameriprise Financial Inc. grew its stake in Microchip Technology by 8.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,305,292 shares of the semiconductor company’s stock valued at $148,047,000 after acquiring an additional 170,152 shares in the last quarter. Creative Planning grew its stake in Microchip Technology by 4.9% during the 3rd quarter. Creative Planning now owns 172,979 shares of the semiconductor company’s stock valued at $11,109,000 after acquiring an additional 8,115 shares in the last quarter. Finally, Zacks Investment Management acquired a new position in shares of Microchip Technology in the 3rd quarter valued at about $3,117,000. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Activity

In related news, CEO Steve Sanghi sold 98,814 shares of Microchip Technology stock in a transaction on Wednesday, January 28th. The shares were 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. The trade was a 0.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MCHP shares. Susquehanna increased their price target 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. BNP Paribas Exane upgraded shares of Microchip Technology from a “neutral” rating to an “outperform” rating and set a $90.00 price objective on the stock in a research note on Thursday, January 22nd. Citigroup cut their target price on shares of Microchip Technology from $92.00 to $91.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Morgan Stanley lifted their target price on shares of Microchip Technology from $68.00 to $69.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 6th. Finally, UBS Group boosted their price target on shares of Microchip Technology from $85.00 to $95.00 and gave the company a “buy” rating in a report on Monday, January 26th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $86.00.

Microchip Technology Trading Up 3.1%

Shares of NASDAQ MCHP opened at $63.83 on Tuesday. The business has a 50 day simple moving average of $74.14 and a 200 day simple moving average of $66.60. Microchip Technology Incorporated has a 52 week low of $34.13 and a 52 week high of $83.35. The stock has a market cap of $34.54 billion, a price-to-earnings ratio of -220.10, a PEG ratio of 1.56 and a beta of 1.45. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.16 and a current ratio of 2.16.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, February 5th. The semiconductor company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.19 billion. Microchip Technology had a negative net margin of 1.57% and a positive return on equity of 7.16%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 earnings per share. Microchip Technology has set its Q4 2026 guidance at 0.480-0.520 EPS. On average, research analysts predict that Microchip Technology Incorporated will post 1.03 earnings per share for the current fiscal year.

Microchip Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Monday, February 23rd were issued a dividend of $0.455 per share. The ex-dividend date was Monday, February 23rd. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.9%. Microchip Technology’s dividend payout ratio (DPR) is currently -627.59%.

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.