Tdam USA Inc. cut its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 12.5% during the second quarter, Holdings Channel reports. The firm owned 8,805 shares of the semiconductor company’s stock after selling 1,262 shares during the period. Tdam USA Inc.’s holdings in Microchip Technology were worth $681,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently made changes to their positions in MCHP. Grove Bank & Trust raised its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares during the period. Duncker Streett & Co. Inc. raised its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares during the period. Trust Co. of Vermont raised its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares during the period. Smithfield Trust Co. raised its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in shares of Microchip Technology during the first quarter valued at $135,000. Institutional investors and hedge funds own 98.67% of the company’s stock.

Shares of Microchip Technology Incorporated (MCHP) opened at 84.62 on Wednesday. The stock’s 50 day moving average price is $80.19 and its 200 day moving average price is $76.21. The stock has a market capitalization of $19.41 billion, a P/E ratio of 120.03 and a beta of 1.06. Microchip Technology Incorporated has a one year low of $56.52 and a one year high of $87.49.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business had revenue of $972.10 million during the quarter, compared to analysts’ expectations of $944.87 million. During the same period in the previous year, the firm earned $0.84 earnings per share. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year. On average, analysts forecast that Microchip Technology Incorporated will post $5.27 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be paid a dividend of $0.362 per share. The ex-dividend date of this dividend is Thursday, August 17th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.71%. Microchip Technology’s payout ratio is 77.54%.

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MCHP has been the subject of several research analyst reports. B. Riley restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a report on Monday, May 8th. Citigroup Inc. set a $95.00 price objective on Microchip Technology and gave the company a “buy” rating in a report on Wednesday, May 10th. Stifel Nicolaus upped their price objective on Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, May 10th. Rosenblatt Securities restated a “buy” rating and issued a $102.00 price objective (up previously from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Finally, BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and an average price target of $86.00.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology 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 directly owns 14,263 shares in the company, valued at $1,145,176.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,510 shares of Microchip Technology stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is owned by 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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