Pioneer Investment Management Inc. cut its position in Microchip Technology Incorporated (NASDAQ:MCHP) by 0.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 667,609 shares of the semiconductor company’s stock after selling 3,075 shares during the period. Pioneer Investment Management Inc. owned about 0.29% of Microchip Technology worth $51,526,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the company. Grove Bank & Trust boosted its position in Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock worth $107,000 after buying an additional 190 shares in the last quarter. Trust Co. of Vermont boosted its position in Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock worth $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. boosted its position in Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock worth $126,000 after buying an additional 7 shares in the last quarter. Duncker Streett & Co. Inc. boosted its position in Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock worth $125,000 after buying an additional 503 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Microchip Technology during the first quarter worth approximately $135,000. 98.67% of the stock is owned by institutional investors and hedge funds.

Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 84.62 on Wednesday. The stock has a market cap of $19.41 billion, a PE ratio of 120.03 and a beta of 1.06. Microchip Technology Incorporated has a 12 month low of $56.52 and a 12 month high of $87.49. The firm’s 50-day moving average is $80.19 and its 200 day moving average is $76.21.

Microchip Technology (NASDAQ:MCHP) last announced 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. The company had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. Microchip Technology’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 earnings per share. On average, equities analysts predict that Microchip Technology Incorporated will post $5.27 EPS for the current year.

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

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A number of research firms have commented on MCHP. B. Riley reissued a “buy” rating and issued a $90.00 price target on shares of Microchip Technology in a research note on Monday, May 8th. Jefferies Group LLC reissued a “buy” rating and issued a $94.00 price target on shares of Microchip Technology in a research note on Friday, August 4th. BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Credit Suisse Group reissued a “buy” rating on shares of Microchip Technology in a research note on Friday, August 4th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $120.00 price target (up previously from $100.00) on shares of Microchip Technology in a research note on Friday, August 4th. Seven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Microchip Technology has an average rating of “Buy” and an average price target of $87.25.

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

About Microchip Technology

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.

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

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