Associated Banc Corp lowered its stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) by 1.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 132,120 shares of the semiconductor company’s stock after selling 2,147 shares during the quarter. Associated Banc Corp owned about 0.06% of Microchip Technology worth $10,197,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MCHP. World Asset Management Inc boosted its position in Microchip Technology by 19.6% during the first quarter. World Asset Management Inc now owns 23,924 shares of the semiconductor company’s stock worth $1,765,000 after purchasing an additional 3,927 shares during the period. UBS Asset Management Americas Inc. boosted its position in Microchip Technology by 10.3% during the first quarter. UBS Asset Management Americas Inc. now owns 623,581 shares of the semiconductor company’s stock worth $46,008,000 after purchasing an additional 58,266 shares during the period. RNC Capital Management LLC boosted its position in Microchip Technology by 2.8% during the first quarter. RNC Capital Management LLC now owns 413,917 shares of the semiconductor company’s stock worth $30,539,000 after purchasing an additional 11,231 shares during the period. Meadow Creek Investment Management LLC boosted its position in Microchip Technology by 8.2% during the first quarter. Meadow Creek Investment Management LLC now owns 15,752 shares of the semiconductor company’s stock worth $1,162,000 after purchasing an additional 1,188 shares during the period. Finally, DE Burlo Group Inc. boosted its position in Microchip Technology by 22.9% during the first quarter. DE Burlo Group Inc. now owns 183,633 shares of the semiconductor company’s stock worth $13,548,000 after purchasing an additional 34,200 shares during the period. 98.68% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages have issued reports on MCHP. Mizuho reaffirmed a “neutral” rating and set a $84.00 target price (up previously from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. B. Riley reiterated a “buy” rating and set a $115.00 price target on shares of Microchip Technology in a report on Sunday, June 11th. Jefferies Group LLC reiterated a “buy” rating on shares of Microchip Technology in a report on Monday, July 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $102.00 price target (up from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $88.80.

In other Microchip Technology news, VP Stephen V. Drehobl sold 3,076 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James Eric Bjornholt sold 2,453 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $200,876.17. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock valued at $561,905 in the last three months. 2.13% of the stock is owned by insiders.

Shares of Microchip Technology Incorporated (MCHP) traded down 0.17% during mid-day trading on Wednesday, hitting $88.30. The stock had a trading volume of 462,191 shares. The firm has a market cap of $20.55 billion, a PE ratio of 47.58 and a beta of 1.04. The stock has a 50 day moving average price of $83.37 and a 200 day moving average price of $78.99. Microchip Technology Incorporated has a 52 week low of $57.52 and a 52 week high of $88.54.

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

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st were issued a dividend of $0.362 per share. The ex-dividend date was Thursday, August 17th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.64%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 77.54%.

WARNING: “Microchip Technology Incorporated (MCHP) Holdings Cut by Associated Banc Corp” was first reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this report on another domain, it was illegally copied and reposted in violation of international trademark and copyright laws. The correct version of this report can be read at https://www.thecerbatgem.com/2017/09/13/microchip-technology-incorporated-mchp-holdings-cut-by-associated-banc-corp.html.

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 & Stock 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 stocks with our FREE daily email newsletter.