Geode Capital Management LLC recently announced the acquisition of new stake in Microchip Technology, Inc. (NASDAQ:MCHP). The institutional investor has increased its shareholding in the Technology company by 1.93% to 12.29 million shares with purchase of 0.23 million shares. This fresh investment now brings its stake to 2.27% valued currently at $1.11 billion.
Currently, there are 545.46M common shares owned by the public and among those 529.63M shares have been available to trade.
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Insiders at the company have transacted a total of 89 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 46 of these insider trades were purchases, accounting for 298,580 shares. Insider sales of the common stock occurred on 43 occasions, with total insider shares sold totaling 130,528 shares.
The top 3 mutual fund holders in Microchip Technology, Inc. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 16.99 million shares of the company’s stock, all valued at over $1.53 billion. The company sold 64196.0 shares recently to bring their total holdings to about 3.14% of the shares outstanding. Vanguard 500 Index Fund sold 59460.0 shares to see its total holdings shrink to 13.21 million shares valued at over $1.19 billion and representing 2.44% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.25 million shares to bring its total holdings to over 12.13 million shares at a value of $1.09 billion. Vanguard Mid Cap Index Fund now owns shares totaling to 2.24% of the shares outstanding.
However, the script later moved the day high at 87.25, up 0.36%. The company’s stock has a 5-day price change of -3.87% and 19.89% over the past three months. MCHP shares are trading -3.27% year to date (YTD), with the 12-month market performance up to 11.46% higher. It has a 12-month low price of $68.75 and touched a high of $94.30 over the same period. MCHP has an average intraday trading volume of 5.15 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.21%, 0.76%, and 6.56% respectively.
Institutional ownership of Microchip Technology, Inc. (NASDAQ: MCHP) shares accounts for 92.03% of the company’s 545.46M shares outstanding. Mutual fund holders own 34.29%, while other institutional holders and individual stakeholders account for 58.35% and 2.13% respectively.
It has a market capitalization of $47.19B and a beta (3y monthly) value of 1.67. The stock’s trailing 12-month PE ratio is 19.14, while the earnings-per-share (ttm) stands at $4.56. The company has a PEG of 1.58 and a Quick Ratio of 0.64 with the debt-to-equity ratio at 0.88. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.59% over the week and 2.37% over the month.
Analysts forecast that Microchip Technology, Inc. (MCHP) will achieve an EPS of $1.04 for the current quarter, $0.91 for the next quarter and $4.55 for 2025. The lowest estimate earnings-per-share for the quarter is $1 while analysts give the company a high EPS estimate of $1.15. Comparatively, EPS for the current quarter was $1.56 a year ago. Earnings per share for the fiscal year are expected to decrease by -12.72%, and -13.44% over the next financial year. EPS should shrink at an annualized rate of 12.10% over the next five years, compared to 50.79% over the past 5-year period.
Looking at the support for the MCHP, a number of firms have released research notes about the stock. Wolfe Research stated their Outperform rating for the stock in a research note on January 18, 2024, with the firm’s price target at $105.
