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.
updated Jun 21, 2010
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