Geode Capital Management LLC has recently announced that it has increased stake in Microchip Technology, Inc. (NASDAQ:MCHP) by 1.93%. After grabbing 12.29 million shares, the institutional investor is now in possession of 0.23 million shares of the Technology Company. The new investment brought the stake of investor firm to 2.27% having worth around $1.03 billion.
Microchip Technology, Inc. (MCHP) concluded trading on December 20, 2023 at a closing price of $88.55, with 5.67 million shares of worth about $502.33 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 6.53% during that period and On Wednesday the price saw a loss of about -3.11%. Currently the company’s common shares owned by public are about 545.46M shares, out of which, 529.60M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 92 times over the past 12 months. They bought 298,580 shares in 46 of the transactions. In 46 selling transactions, insiders dumped 131,728 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund are the top 3 mutual funds which are holding stakes in Microchip Technology, Inc. Vanguard Total Stock Market ETF is currently holding 17.03 million shares of worth totaling $1.42 billion. The company recently came buying 84856.0 shares which brought its stake up to 3.15% of the company’s outstanding shares. Vanguard 500 Index Fund bought 65840.0 shares, after which its hold over company’s outstanding shares expand to 2.43%, leaving 13.15 million shares with the mutual fund that have a worth of about $1.1 billion. Vanguard Mid Cap Index Fund, after buying 12.36 million shares, have now control over 2.29% of the stake in the company. It holds 30927.0 shares of worth $1.03 billion.
However, the stock later moved at a day high price of 91.16, or with a loss of -3.11%. Stock saw a price change of -1.46% in past 5 days and over the past one month there was a price change of 4.53%. Year-to-date (YTD), MCHP shares are showing a performance of 26.05% which increased to 23.88% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $67.69 but also hit the highest price of $94.30 during that period. The average intraday trading volume for Microchip Technology, Inc. shares is 4.79 million. The stock is currently trading 2.83% above its 20-day simple moving average (SMA20), while that difference is up 9.92% for SMA50 and it goes to 9.24% higher than SMA200.
Geode Capital Management LLC acquired 12.29 million shares of Microchip Technology, Inc. having value of about $1.03 billion. Data submitted at the U.S SEC by Geode Capital Management LLC revealed that the firm now holds 0.23 million shares in the company valued at close to $20562106.95, or have control over 1.93% stake in the company. Microchip Technology, Inc. (NASDAQ: MCHP) currently have 545.46M outstanding shares and institutions hold larger chunk of about 92.18% of that. Holding of mutual funds in the company is about 32.43% while other institutional holders and individual stake holders have control over 60.32% and 2.14% of the stake respectively.
The stock has a current market capitalization of $47.91B and its 3Y-monthly beta is at 1.67. PE ratio of stock for trailing 12 months is 19.43, while it has posted earnings per share of $4.56 in the same period. Its PEG reads 1.61 and has Quick Ratio of 0.64 while making debt-to-equity ratio of 0.88. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MCHP, volatility over the week remained 2.23% while standing at 2.11% over the month.
Analysts are in expectations that Microchip Technology, Inc. (MCHP) stock would likely to be making an EPS of $1.13 in the current quarter, while forecast for next quarter EPS is $0.98 and it is $4.85 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.09 which is $1.15 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $1.56 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -10.31% while it is estimated to decrease by -10.58% in next year. EPS is likely to shrink at an annualized rate of 12.10% for next 5-years, compared to annual growth of 50.79% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Citigroup on November 08, 2023 offering a Buy rating for the stock and assigned a target price of $100 to it.
