Zacks: Analysts Anticipate Microchip Technology Incorporated (MCHP) Will Post Earnings of $1.35 Per Share
Analysts expect that Microchip Technology Incorporated (NASDAQ:MCHP) will post earnings per share of $1.35 for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Microchip Technology’s earnings, with the highest EPS estimate coming in at $1.37 and the lowest estimate coming in at $1.35. Microchip Technology reported earnings of $0.94 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 43.6%. The firm is scheduled to issue its next earnings results after the market closes on Monday, November 6th.
According to Zacks, analysts expect that Microchip Technology will report full year earnings of $5.29 per share for the current year, with EPS estimates ranging from $5.13 to $5.39. For the next fiscal year, analysts forecast that the firm will report earnings of $5.73 per share, with EPS estimates ranging from $5.25 to $6.08. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, beating the Zacks’ 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 firm had revenue of $972.10 million for the quarter, compared to analyst estimates of $944.87 million. During the same period last year, the firm posted $0.84 earnings per share. The business’s revenue for the quarter was up 21.6% on a year-over-year basis.
MCHP has been the topic of several recent research reports. Credit Suisse Group restated a “buy” rating on shares of Microchip Technology in a research report on Friday, August 4th. BidaskClub lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Needham & Company LLC restated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a research report on Tuesday, September 19th. B. Riley restated a “buy” rating and set a $120.00 price target on shares of Microchip Technology in a research report on Wednesday, August 9th. Finally, Jefferies Group LLC restated a “buy” rating and set a $94.00 price target (up from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. Seven analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Microchip Technology has an average rating of “Buy” and a consensus price target of $91.59.
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In other news, VP Stephen V. Drehobl sold 3,076 shares of the firm’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 $251,893.64. Following the completion of the transaction, the vice president now owns 14,263 shares in the company, valued at approximately $1,167,997.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Wade F. Meyercord sold 1,300 shares of the firm’s 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 90 days, insiders sold 6,829 shares of company stock valued at $561,905. 2.13% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Grove Bank & Trust lifted its stake in shares of Microchip Technology by 15.8% in the 2nd quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after purchasing an additional 190 shares during the period. Trust Co. of Vermont lifted its stake in shares of Microchip Technology by 9.2% in the 2nd quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 136 shares during the period. Smithfield Trust Co. lifted its stake in shares of Microchip Technology by 0.4% in the 2nd quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after purchasing an additional 7 shares during the period. Commonwealth Bank of Australia lifted its stake in shares of Microchip Technology by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 2,124 shares of the semiconductor company’s stock valued at $163,000 after purchasing an additional 29 shares during the period. Finally, Harbour Capital Advisors LLC purchased a new position in shares of Microchip Technology in the 1st quarter valued at approximately $173,000.
Shares of Microchip Technology (MCHP) traded down 0.13% during mid-day trading on Monday, hitting $92.61. The stock had a trading volume of 1,687,136 shares. The stock has a market cap of $21.55 billion, a P/E ratio of 49.90 and a beta of 1.07. Microchip Technology has a 12 month low of $58.79 and a 12 month high of $94.66. The firm has a 50 day moving average price of $89.90 and a 200-day moving average price of $82.42.
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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