Microchip Technology (MCHP) Scheduled to Post Earnings on Wednesday
Microchip Technology (NASDAQ:MCHP) is set to release its Q214 earnings data on Wednesday, October 30th. Analysts expect Microchip Technology to post earnings of $0.60 per share and revenue of $481.50 million for the quarter. Microchip Technology has set its Q2 guidance at $0.58-0.62 EPS.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.03. The company had revenue of $462.80 million for the quarter, compared to the consensus estimate of $454.67 million. During the same quarter in the prior year, the company posted $0.48 earnings per share. The company’s quarterly revenue was up 31.5% on a year-over-year basis. On average, analysts expect Microchip Technology to post $2.36 EPS for the current fiscal year and $2.64 EPS for the next fiscal year.
Shares of Microchip Technology (NASDAQ:MCHP) traded up 2.25% on Tuesday, hitting $40.295. The stock had a trading volume of 3,090,780 shares. Microchip Technology has a 1-year low of $28.92 and a 1-year high of $41.78. The stock’s 50-day moving average is $39.72 and its 200-day moving average is $37.62. The company has a market cap of $7.950 billion and a P/E ratio of 64.71.
MCHP has been the subject of a number of recent research reports. Analysts at Goldman Sachs Group Inc. upgraded shares of Microchip Technology from a “neutral” rating to a “buy” rating in a research note to investors on Tuesday, September 24th. They now have a $46.00 price target on the stock, up previously from $42.00. On the ratings front, analysts at Thomson Reuters/Verus upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating in a research note to investors on Monday, August 19th. Finally, analysts at Morgan Stanley initiated coverage on shares of Microchip Technology in a research note to investors on Friday, August 16th. They set an “equal weight” rating on the stock. Six analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $43.23.
Microchip Technology Incorporated develops and manufactures specialized semiconductor products used by its customers for a range of embedded control applications.
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