$1.35 EPS Expected for Microchip Technology Incorporated (MCHP) This Quarter
Equities analysts predict that Microchip Technology Incorporated (NASDAQ:MCHP) will announce earnings of $1.35 per share for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Microchip Technology’s earnings, with the lowest EPS estimate coming in at $1.29 and the highest estimate coming in at $1.36. Microchip Technology posted earnings of $0.94 per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 43.6%. The firm is expected to issue its next quarterly earnings report on Monday, November 6th.
According to Zacks, analysts expect that Microchip Technology will report full year earnings of $5.26 per share for the current fiscal year, with EPS estimates ranging from $5.04 to $5.36. For the next year, analysts anticipate that the business will post earnings of $5.67 per share, with EPS estimates ranging from $5.25 to $5.86. Zacks’ EPS averages are a mean average based on a survey of analysts that that provide coverage for Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.14 by $0.17. The business had revenue of $972.10 million during the quarter, compared to analyst estimates of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.84 earnings per share.
A number of brokerages have recently weighed in on MCHP. B. Riley restated a “buy” rating and issued a $120.00 target price on shares of Microchip Technology in a research note on Friday, August 4th. Mizuho restated a “neutral” rating and issued a $84.00 target price (up from $80.00) on shares of Microchip Technology in a research note on Wednesday, August 9th. Jefferies Group LLC restated a “buy” rating and issued a $94.00 target price (up from $92.00) on shares of Microchip Technology in a research note on Friday, August 4th. BidaskClub upgraded Microchip Technology from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Finally, Raymond James Financial, Inc. began coverage on Microchip Technology in a research note on Friday, June 16th. They issued an “outperform” rating and a $95.00 target price for the company. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $88.80.
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In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $200,876.17. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 3,076 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total value of $251,893.64. Following the completion of the sale, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The disclosure for this sale can be found here. Insiders sold a total of 6,829 shares of company stock worth $561,905 in the last 90 days. Company insiders own 2.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intl Fcstone Inc. bought a new stake in Microchip Technology in the 2nd quarter valued at approximately $335,000. Achmea Investment Management B.V. lifted its stake in Microchip Technology by 76.3% in the 2nd quarter. Achmea Investment Management B.V. now owns 26,657 shares of the semiconductor company’s stock valued at $2,055,000 after acquiring an additional 11,541 shares in the last quarter. RNC Capital Management LLC lifted its stake in Microchip Technology by 3.2% in the 2nd quarter. RNC Capital Management LLC now owns 427,000 shares of the semiconductor company’s stock valued at $32,956,000 after acquiring an additional 13,083 shares in the last quarter. Toronto Dominion Bank lifted its stake in Microchip Technology by 32.3% in the 2nd quarter. Toronto Dominion Bank now owns 77,852 shares of the semiconductor company’s stock valued at $6,007,000 after acquiring an additional 19,026 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. lifted its stake in Microchip Technology by 3.6% in the 2nd quarter. Cookson Peirce & Co. Inc. now owns 225,420 shares of the semiconductor company’s stock valued at $17,398,000 after acquiring an additional 7,760 shares in the last quarter. Hedge funds and other institutional investors own 98.68% of the company’s stock.
Microchip Technology (MCHP) opened at 89.62 on Friday. The company has a market cap of $20.86 billion, a price-to-earnings ratio of 48.29 and a beta of 1.04. The stock’s 50 day moving average is $84.24 and its 200 day moving average is $79.36. Microchip Technology has a 52-week low of $57.52 and a 52-week high of $90.57.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st were paid a $0.362 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $1.45 annualized dividend and a yield of 1.62%. Microchip Technology’s payout ratio is presently 77.54%.
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.
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