Intrua Financial LLC has acquired a new stake in Microchip Technology Incorporated, investing approximately $335,000 in the semiconductor company during the second quarter of 2023. According to its filing with the Securities and Exchange Commission (SEC), Intrua purchased 4,767 shares of Microchip, which trades on the NASDAQ under the symbol MCHP.
This investment comes amid a wave of activity from other institutional investors in Microchip Technology. Notably, Orbis Allan Gray Ltd secured a new stake valued at around $369.6 million in the first quarter. Meanwhile, Invesco Ltd. increased its holdings by 63.0%, now owning 16,707,031 shares worth $808.8 million after acquiring an additional 6,459,123 shares.
The investment landscape for Microchip Technology is further highlighted by Goldman Sachs Group Inc., which boosted its position by 138.9%, and currently holds 8,834,550 shares valued at $427.7 million. Additionally, Boston Partners raised its stake by 38.0%, bringing its total to 14,802,525 shares, worth $1.04 billion, following the purchase of 4,076,112 shares.
As of now, approximately 91.51% of Microchip Technology’s stock is owned by hedge funds and other institutional investors.
Insider Transactions and Stock Performance
In related developments, CFO James Eric Bjornholt sold 7,356 shares on August 25, 2023, at an average price of $68.72, totaling $505,504.32. Following this transaction, he retains 30,010 shares valued at approximately $2.06 million, marking a 19.69% decrease in his holdings. Similarly, Director Matthew W. Chapman sold 10,000 shares for $682,500, representing a 24.59% decrease in his stake.
Insider ownership currently stands at 1.94% of the company’s stock.
On the stock market, Microchip Technology’s shares opened at $53.48 on Friday, with a fifty-day simple moving average of $63.28 and a 200-day average of $64.57. The company has experienced a twelve-month low of $34.13 and a high of $77.20. With a market capitalization of $28.9 billion, Microchip has a price-to-earnings ratio of -157.29 and a beta of 1.57.
Microchip Technology’s latest quarterly earnings report, released on November 6, 2023, revealed an earnings per share (EPS) of $0.35, surpassing the consensus estimate of $0.33. The company’s revenue for the quarter reached $1.14 billion, slightly above analyst expectations of $1.13 billion. Despite these positive figures, revenue declined by 2.0% compared to the same quarter last year, when it reported an EPS of $0.46.
The company has provided guidance for Q3 2026, estimating an EPS between $0.340 and $0.400. Analysts anticipate Microchip Technology will post an EPS of $1.03 for the current fiscal year.
Dividend Announcement and Company Overview
In addition to investment activities, Microchip Technology recently announced a quarterly dividend of $0.455 per share, scheduled for payment on December 9, 2023. Investors on record as of November 24, 2023, will be eligible for this dividend, which translates to an annualized yield of 3.4%. The company’s payout ratio is noted at -404.44%.
Microchip Technology is engaged in the development, manufacture, and sale of smart, connected, and secure embedded control solutions across the Americas, Europe, and Asia. Its product line includes a variety of microcontrollers and microprocessors designed for diverse applications, including automotive, industrial, and communications sectors.
For those interested in tracking further developments and holdings related to Microchip Technology, detailed information is available through the SEC and financial news platforms.
