Stock Buy: Microchip TechnologyZacks Investmentupdated Jun 21, 2010TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.Microchip Technology (MCHP) is a defensive tech stock with a juicy dividend.Business Microchip Technology Inc. develops and manufactures semiconductor products for various embedded control applications. Its products include microcontrollers, digital signal controllers, development tools, and memory products.Growth and Income Analysts estimate that this Zacks #2 Rank stock will grow its earnings per share 10.7% per year over the long term. The stock also has a dividend yield of 4.8%.Updated Outlook On June 8, Microchip reaffirmed its guidance for the June 2010 quarter. Management expects sales of $318 million and non-GAAP earnings per share of $0.52. Microchip's President and CEO Steve Sanghi said that the company has seen the strongest ever first two months of the quarter in bookings. Microchip also announced a record backlog building for the September quarter.Estimates In the last month, the Zacks Consensus Estimates for fiscal 2011 and fiscal 2012 are each up 4 cents to $1.95 and $2.07, respectively.Read the April 22 commentary on Microchip Technology.Last Week's Growth and Income Zacks Rank BuysSnap-On (SNA) shares are trading at an attractive valuation. The Zacks #1 Rank stock trades at 15x 2010 consensus estimates and 12x 2011 consensus estimates. Click here for a closer look.Fastenal (FAST) is a Zacks #2 Rank stock. It trades at 31x 2010 consensus EPS estimates and 25x 2011 consensus EPS estimate. The company continues to benefit from its Pathway to Profit initiative, which is improving sales, profits, and inventory management. click here.Johnson Controls (JCI) is a cheap way to gain exposure to the growing demand for clean energy. JCI is a Zacks #2 Rank stock that trades at 15x fiscal 2010 EPS estimates and 12x fiscal 2011 EPS estimates. Click here for more details.Valspar Corp. (VAL) shares have performed very well during the recent market downturn, and its stock is just below its 52-week high. The reason: Valspar's growing sales volumes and tight cost controls are generating explosive earnings growth. Click here to read more.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.