Municipal Employees Retirement System of Michigan boosted its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 102.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,130 shares of the semiconductor company’s stock after buying an additional 7,160 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Microchip Technology were worth $1,090,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Keel Point LLC boosted its stake in Microchip Technology by 0.3% in the first quarter. Keel Point LLC now owns 3,575 shares of the semiconductor company’s stock valued at $264,000 after buying an additional 11 shares during the last quarter. Mission Wealth Management LLC boosted its stake in Microchip Technology by 0.7% in the first quarter. Mission Wealth Management LLC now owns 3,616 shares of the semiconductor company’s stock valued at $267,000 after buying an additional 26 shares during the last quarter. Cleararc Capital Inc. boosted its stake in Microchip Technology by 0.8% in the first quarter. Cleararc Capital Inc. now owns 5,295 shares of the semiconductor company’s stock valued at $391,000 after buying an additional 43 shares during the last quarter. LS Investment Advisors LLC boosted its stake in Microchip Technology by 0.9% in the second quarter. LS Investment Advisors LLC now owns 7,649 shares of the semiconductor company’s stock valued at $590,000 after buying an additional 68 shares during the last quarter. Finally, Advantus Capital Management Inc boosted its stake in Microchip Technology by 0.3% in the first quarter. Advantus Capital Management Inc now owns 21,665 shares of the semiconductor company’s stock valued at $1,598,000 after buying an additional 70 shares during the last quarter. 98.67% of the stock is owned by hedge funds and other institutional investors.

Shares of Microchip Technology Incorporated (NASDAQ MCHP) opened at 81.24 on Friday. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $87.49. The firm has a market cap of $18.91 billion, a PE ratio of 43.77 and a beta of 1.06. The stock’s 50 day moving average is $80.46 and its 200 day moving average is $76.72.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be issued a $0.362 dividend. This represents a $1.45 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend is Thursday, August 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.

TRADEMARK VIOLATION WARNING: “Municipal Employees Retirement System of Michigan Has $1.09 Million Position in Microchip Technology Incorporated (MCHP)” was first reported by Daily Political and is owned by of Daily Political. If you are reading this piece of content on another website, it was illegally copied and reposted in violation of U.S. & international copyright legislation. The original version of this piece of content can be accessed at https://www.dailypolitical.com/2017/08/11/municipal-employees-retirement-system-of-michigan-has-1-09-million-position-in-microchip-technology-incorporated-mchp.html.

MCHP has been the subject of several research reports. B. Riley restated a “buy” rating and issued a $90.00 price objective on shares of Microchip Technology in a research report on Monday, May 8th. Citigroup Inc. set a $95.00 price objective on shares of Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, May 10th. Stifel Nicolaus raised their price objective on shares of Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a research 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 research report on Tuesday, June 6th. Finally, BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $88.80.

In related news, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $319,072.46. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,145,176.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were 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 company 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.

Want to see what other hedge funds are holding MCHP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Microchip Technology Incorporated (NASDAQ:MCHP).

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

Receive News & Ratings for Microchip Technology Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.