ICICI Prudential Asset Management Co Ltd Sells 78,992 Shares of Microchip Technology Incorporated $MCHP

ICICI Prudential Asset Management Co Ltd decreased its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 90.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,288 shares of the semiconductor company’s stock after selling 78,992 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Microchip Technology were worth $532,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MCHP. Winnow Wealth LLC purchased a new stake in shares of Microchip Technology during the third quarter valued at approximately $25,000. Root Financial Partners LLC purchased a new position in Microchip Technology in the third quarter worth $28,000. Salomon & Ludwin LLC grew its stake in Microchip Technology by 219.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 479 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 329 shares during the period. Quent Capital LLC purchased a new stake in shares of Microchip Technology during the 3rd quarter valued at $32,000. Finally, E Fund Management Hong Kong Co. Ltd. increased its position in shares of Microchip Technology by 106.8% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 517 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 267 shares during the last quarter. Hedge funds and other institutional investors own 91.51% of the company’s stock.

Insider Transactions at Microchip Technology

In other news, CEO Steve Sanghi sold 98,814 shares of the company’s stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $80.55, for a total transaction of $7,959,467.70. Following the sale, the chief executive officer directly owned 9,922,319 shares in the company, valued at $799,242,795.45. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 4,292 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $50.39, for a total transaction of $216,273.88. Following the completion of the sale, the chief financial officer directly owned 30,089 shares in the company, valued at approximately $1,516,184.71. The trade was a 12.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 121,615 shares of company stock worth $9,641,654 in the last three months. 1.94% of the stock is currently owned by insiders.

Microchip Technology Price Performance

MCHP opened at $77.73 on Friday. The firm has a 50-day moving average price of $72.77 and a 200-day moving average price of $66.19. Microchip Technology Incorporated has a twelve month low of $34.13 and a twelve month high of $83.35. The company has a quick ratio of 1.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $42.06 billion, a price-to-earnings ratio of -268.03, a PEG ratio of 1.94 and a beta of 1.46.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 5th. The semiconductor company reported $0.44 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the firm earned $0.20 EPS. Microchip Technology’s revenue for the quarter was up 15.6% on a year-over-year basis. Microchip Technology has set its Q4 2026 guidance at 0.480-0.520 EPS. Equities analysts expect that Microchip Technology Incorporated will post 1.03 EPS for the current year.

Microchip Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Monday, February 23rd will be paid a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Monday, February 23rd. Microchip Technology’s payout ratio is presently -627.59%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group reissued a “hold” rating on shares of Microchip Technology in a report on Wednesday, February 4th. JPMorgan Chase & Co. lifted their price objective on shares of Microchip Technology from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, February 6th. Wells Fargo & Company boosted their target price on shares of Microchip Technology from $68.00 to $70.00 and gave the company an “equal weight” rating in a research note on Friday, February 6th. Wolfe Research set a $85.00 price target on shares of Microchip Technology in a research note on Tuesday, January 6th. Finally, Mizuho lifted their price target on shares of Microchip Technology from $83.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average 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.