New Mexico Educational Retirement Board reduced its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 5.0% during the second quarter, Holdings Channel reports. The fund owned 20,800 shares of the semiconductor company’s stock after selling 1,100 shares during the period. New Mexico Educational Retirement Board’s holdings in Microchip Technology were worth $1,665,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of MCHP. Janus Capital Management LLC boosted its position in shares of Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock valued at $526,103,000 after buying an additional 666,436 shares during the last quarter. Waddell & Reed Financial Inc. boosted its position in shares of Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock valued at $464,095,000 after buying an additional 641,548 shares during the last quarter. Harbour Capital Advisors LLC boosted its position in shares of Microchip Technology by 26,055.4% in the second quarter. Harbour Capital Advisors LLC now owns 612,037 shares of the semiconductor company’s stock valued at $7,930,000 after buying an additional 609,697 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock valued at $1,665,948,000 after buying an additional 563,501 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Microchip Technology by 15,497.8% in the first quarter. Jennison Associates LLC now owns 543,270 shares of the semiconductor company’s stock valued at $40,082,000 after buying an additional 539,787 shares during the last quarter. Institutional investors and hedge funds own 98.67% of the company’s stock.

Microchip Technology Incorporated (NASDAQ MCHP) opened at 82.21 on Friday. The firm’s 50-day moving average is $80.52 and its 200-day moving average is $76.82. The stock has a market cap of $19.13 billion, a P/E ratio of 44.29 and a beta of 1.06. Microchip Technology Incorporated has a 12 month low of $57.52 and a 12 month high of $87.49.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities analysts forecast that Microchip Technology Incorporated will post $5.27 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be issued a dividend of $0.362 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. This represents a $1.45 annualized dividend and a dividend yield of 1.76%. Microchip Technology’s payout ratio is 77.54%.

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Several research analysts have recently issued reports on MCHP shares. Stifel Nicolaus upped their target price on shares of Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the company a “buy” rating in a report on Wednesday, May 10th. Needham & Company LLC restated a “strong-buy” rating and issued a $100.00 target price on shares of Microchip Technology in a report on Wednesday, May 10th. BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $88.80.

In other news, VP Stephen V. Drehobl sold 3,974 shares of the business’s 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 owns 14,263 shares of the company’s stock, valued at $1,145,176.27. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO James Eric Bjornholt sold 2,510 shares of the business’s stock in a transaction 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. 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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