Great West Life Assurance Co. Can cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 11.9% during the second quarter, Holdings Channel reports. The institutional investor owned 221,293 shares of the semiconductor company’s stock after selling 29,938 shares during the period. Great West Life Assurance Co. Can’s holdings in Microchip Technology were worth $17,054,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Atria Investments LLC boosted its position in shares of Microchip Technology by 78.5% in the first quarter. Atria Investments LLC now owns 5,554 shares of the semiconductor company’s stock worth $410,000 after buying an additional 2,443 shares in the last quarter. Honkamp Krueger Financial Services Inc. boosted its position in shares of Microchip Technology by 0.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 10,591 shares of the semiconductor company’s stock worth $781,000 after buying an additional 99 shares in the last quarter. Capstone Asset Management Co. boosted its position in shares of Microchip Technology by 356.9% in the first quarter. Capstone Asset Management Co. now owns 130,657 shares of the semiconductor company’s stock worth $9,640,000 after buying an additional 102,060 shares in the last quarter. Pennsylvania Trust Co boosted its position in shares of Microchip Technology by 3.3% in the first quarter. Pennsylvania Trust Co now owns 15,530 shares of the semiconductor company’s stock worth $1,146,000 after buying an additional 500 shares in the last quarter. Finally, Fenimore Asset Management Inc. boosted its position in shares of Microchip Technology by 0.7% in the first quarter. Fenimore Asset Management Inc. now owns 916,163 shares of the semiconductor company’s stock worth $67,595,000 after buying an additional 6,738 shares in the last quarter. 98.67% of the stock is currently owned by institutional investors.

Microchip Technology Incorporated (MCHP) opened at 83.49 on Monday. The stock has a market cap of $19.15 billion, a price-to-earnings ratio of 118.43 and a beta of 1.06. The stock’s 50 day moving average price is $80.29 and its 200-day moving average price is $76.10. Microchip Technology Incorporated has a 12 month low of $55.84 and a 12 month high of $87.49.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The firm had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same quarter in the prior year, the firm earned $0.84 EPS. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. Equities analysts expect that Microchip Technology Incorporated will post $4.96 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be given a dividend of $0.362 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Thursday, August 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 77.54%.

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A number of brokerages recently commented on MCHP. Credit Suisse Group reaffirmed an “outperform” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Wednesday, June 7th. Mizuho reaffirmed a “neutral” rating and issued a $80.00 target price (up from $75.00) on shares of Microchip Technology in a report on Wednesday, June 7th. B. Riley reaffirmed a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a report on Tuesday, June 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 target price (up from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Finally, Stifel Nicolaus raised their target price on Microchip Technology from $88.00 to $89.00 and gave the stock a “buy” rating in a report on Tuesday, June 6th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $86.00.

In related news, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $201,527.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 3,974 shares of the company’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the transaction, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Microchip Technology Company Profile

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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Institutional Ownership by Quarter for Microchip Technology (NASDAQ:MCHP)

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