Microchip Technology (MCHP) will raise its quarterly dividend by 0.1 percent to $0.3635 per share in the second quarter of 2018. In Q1 the semiconductor company also raised the dividend by 0.1 percent, marking the 16th consecutive year of dividend increases. The new dividend yield for MCHP is 1.6%.

The dividend is payable on June 4, 2018 to stockholders of record on May 21, 2018.  Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 56 times since its inception.

“Microchip produced outstanding financial results in the March 2018 quarter including strong cash flows from operations,” said Steve Sanghi, Chief Executive Officer.  “Our Board of Directors is pleased to declare an increase in our quarterly dividend to a record 36.35 per share, which continues to reflect our ongoing commitment to returning value to our stockholders.”

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, headquartered in Chandler, Arizona, provides microcontroller, mixed-signal, analog and Flash-IP solutions.