ClariVest Asset Management LLC reduced its stake in Microchip Technology Incorporated (NASDAQ:MCHP) by 3.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,174 shares of the semiconductor company’s stock after selling 8,371 shares during the period. ClariVest Asset Management LLC’s holdings in Microchip Technology were worth $20,696,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Macquarie Group Ltd. raised its position in shares of Microchip Technology by 51.6% in the fourth quarter. Macquarie Group Ltd. now owns 72,970 shares of the semiconductor company’s stock valued at $4,681,000 after buying an additional 24,840 shares during the last quarter. Creative Planning raised its position in shares of Microchip Technology by 19.3% in the first quarter. Creative Planning now owns 6,993 shares of the semiconductor company’s stock valued at $516,000 after buying an additional 1,129 shares during the last quarter. Gulf International Bank UK Ltd raised its position in shares of Microchip Technology by 1.5% in the first quarter. Gulf International Bank UK Ltd now owns 66,547 shares of the semiconductor company’s stock valued at $4,909,000 after buying an additional 1,000 shares during the last quarter. Atria Investments LLC raised 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 valued at $410,000 after buying an additional 2,443 shares during the last quarter. Finally, Tompkins Financial Corp raised its position in shares of Microchip Technology by 154.6% in the first quarter. Tompkins Financial Corp now owns 15,794 shares of the semiconductor company’s stock valued at $761,000 after buying an additional 9,590 shares during the last quarter. 98.67% of the stock is currently owned by institutional investors.

Shares of Microchip Technology Incorporated (MCHP) opened at 82.21 on Friday. The company has a market cap of $19.13 billion, a P/E ratio of 44.29 and a beta of 1.06. The stock’s 50 day moving average price is $80.52 and its 200 day moving average price is $76.82. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49.

Microchip Technology (NASDAQ:MCHP) last released its earnings results 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 for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. 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 earned $0.84 earnings per share. Equities research analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be given a $0.362 dividend. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.76%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 77.54%.

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MCHP has been the topic of several research reports. B. Riley reaffirmed a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a research report on Monday, May 8th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. Stifel Nicolaus upped their target price on Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Finally, ValuEngine lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $88.80.

In related news, 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Stephen V. Drehobl sold 3,974 shares of Microchip Technology 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 completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is currently 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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