Jefferies Group Weighs in on Microchip Technology Incorporated’s FY2018 Earnings (MCHP)
Microchip Technology Incorporated (NASDAQ:MCHP) – Research analysts at Jefferies Group lowered their FY2018 earnings estimates for shares of Microchip Technology in a report released on Thursday. Jefferies Group analyst M. Lipacis now anticipates that the semiconductor company will post earnings per share of $4.80 for the year, down from their previous forecast of $4.96. Jefferies Group has a “Buy” rating and a $106.00 price objective on the stock. Jefferies Group also issued estimates for Microchip Technology’s Q4 2018 earnings at $1.25 EPS.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. During the same period in the previous year, the business earned $0.84 EPS. The business’s quarterly revenue was up 21.6% on a year-over-year basis. WARNING: This piece of content was originally reported by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright legislation. The correct version of this piece of content can be read at https://www.americanbankingnews.com/2017/10/23/jefferies-group-weighs-in-on-microchip-technology-incorporateds-fy2018-earnings-mchp.html.
MCHP has been the topic of several other research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price target on shares of Microchip Technology in a research report on Wednesday, September 20th. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $90.00 price target on shares of Microchip Technology in a research report on Thursday, October 12th. Argus started coverage on shares of Microchip Technology in a research report on Friday, October 6th. They set a “buy” rating and a $106.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $120.00 price target (up previously from $100.00) on shares of Microchip Technology in a research report on Friday, August 4th. Finally, BidaskClub cut shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $91.59.
Shares of Microchip Technology (MCHP) opened at 92.73 on Monday. The stock has a 50 day moving average price of $89.90 and a 200 day moving average price of $82.42. Microchip Technology has a 12-month low of $58.79 and a 12-month high of $94.66. The stock has a market capitalization of $21.58 billion, a P/E ratio of 49.96 and a beta of 1.07.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Grove Bank & Trust raised its holdings in shares of Microchip Technology by 15.8% during the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares during the last quarter. Trust Co. of Vermont raised its holdings in shares of Microchip Technology by 9.2% during the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares during the last quarter. Smithfield Trust Co. raised its holdings in shares of Microchip Technology by 0.4% during the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares during the last quarter. Commonwealth Bank of Australia raised its holdings in shares of Microchip Technology by 1.4% during the second quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after buying an additional 29 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Microchip Technology during the first quarter valued at approximately $173,000.
In other news, VP Stephen V. Drehobl sold 3,076 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $251,893.64. Following the sale, the vice president now owns 14,263 shares of the company’s stock, valued at $1,167,997.07. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,829 shares of company stock worth $561,905. Corporate insiders own 2.13% of the company’s stock.
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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