Connable Office Inc. cut its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 2.0% during the second quarter, Holdings Channel reports. The fund owned 48,577 shares of the semiconductor company’s stock after selling 970 shares during the period. Microchip Technology comprises approximately 0.8% of Connable Office Inc.’s portfolio, making the stock its 20th largest position. Connable Office Inc.’s holdings in Microchip Technology were worth $3,749,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Grove Bank & Trust increased 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 worth $107,000 after buying an additional 190 shares in the last quarter. Duncker Streett & Co. Inc. increased 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 worth $125,000 after buying an additional 503 shares in the last quarter. Trust Co. of Vermont increased 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 worth $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. increased 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 worth $126,000 after buying an additional 7 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Microchip Technology during the first quarter worth about $135,000. Institutional investors own 98.67% of the company’s stock.

Microchip Technology Incorporated (NASDAQ:MCHP) opened at 83.60 on Thursday. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49. The firm has a 50-day moving average of $80.45 and a 200-day moving average of $76.68. The firm has a market capitalization of $19.18 billion, a price-to-earnings ratio of 118.58 and a beta of 1.06.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the Zacks’ 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 for the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the firm posted $0.84 EPS. The firm’s revenue was up 21.6% compared to the same quarter last year. On average, analysts expect that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.

The business 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 dividend on an annualized basis and a yield of 1.73%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. Microchip Technology’s dividend payout ratio is 77.54%.

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A number of research firms recently weighed in on MCHP. B. Riley reaffirmed a “buy” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Wednesday. Mizuho reaffirmed a “neutral” rating and set a $84.00 price objective (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Wednesday. Credit Suisse Group reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Friday, August 4th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $94.00 price objective (up previously from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $88.80.

In other news, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the transaction, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the firm’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 $201,527.90. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

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.

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

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