World Asset Management Inc lowered its position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 7.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,252 shares of the semiconductor company’s stock after selling 1,672 shares during the period. World Asset Management Inc’s holdings in Microchip Technology were worth $1,717,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MCHP. Keel Point LLC boosted its position 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 period. Nicolet Bankshares Inc. boosted its position in Microchip Technology by 0.3% in the second quarter. Nicolet Bankshares Inc. now owns 3,641 shares of the semiconductor company’s stock valued at $281,000 after buying an additional 11 shares during the period. Mission Wealth Management LLC boosted its position 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 period. Cleararc Capital Inc. boosted its position 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 period. Finally, LS Investment Advisors LLC boosted its position 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 period. Hedge funds and other institutional investors own 98.67% of the company’s stock.

Microchip Technology Incorporated (NASDAQ:MCHP) traded up 1.19% during mid-day trading on Friday, hitting $82.21. 1,407,163 shares of the stock traded hands. Microchip Technology Incorporated has a 1-year low of $57.52 and a 1-year high of $87.49. The stock has a market cap of $19.13 billion, a price-to-earnings ratio of 44.29 and a beta of 1.06. The company’s 50 day moving average price is $80.52 and its 200-day moving average price is $76.82.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same quarter last year, the firm posted $0.84 earnings per share. The firm’s revenue was up 21.6% compared to the same quarter last year. Analysts predict 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. Stockholders of record on Monday, August 21st will be given a dividend of $0.362 per share. The ex-dividend date is Thursday, August 17th. This represents a $1.45 annualized dividend and a dividend yield of 1.76%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is presently 77.54%.

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Several research analysts recently weighed in on MCHP shares. B. Riley restated a “buy” rating and set a $90.00 price target on shares of Microchip Technology in a report on Monday, May 8th. Needham & Company LLC restated a “strong-buy” rating and set a $100.00 price target on shares of Microchip Technology in a report on Wednesday, May 10th. Stifel Nicolaus boosted their price target on shares of Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, May 10th. Citigroup Inc. set a $95.00 price target on shares of Microchip Technology and gave the stock a “buy” rating in a report on Wednesday, May 10th. Finally, ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, June 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $88.80.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,974 shares of the business’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 completion of the transaction, the vice president now directly owns 14,263 shares in the company, valued at $1,145,176.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 2,510 shares of the company’s stock in a transaction dated 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. Insiders own 2.13% of the company’s stock.

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.

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

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