Microchip Technology Inc. (MCHP) Expected to Announce Earnings of $1.35 Per Share

Analysts predict that Microchip Technology Inc. (NASDAQ:MCHP) will report earnings of $1.35 per share for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Microchip Technology’s earnings, with estimates ranging from $1.35 to $1.37. Microchip Technology posted earnings per share of $1.05 during the same quarter last year, which indicates a positive year-over-year growth rate of 28.6%. The company is expected to issue its next quarterly earnings report on Tuesday, February 6th.

According to Zacks, analysts expect that Microchip Technology will report full year earnings of $5.45 per share for the current year, with EPS estimates ranging from $5.39 to $5.51. For the next financial year, analysts forecast that the firm will post earnings of $5.87 per share, with EPS estimates ranging from $5.56 to $6.16. Zacks’ EPS calculations are an average based on a survey of research firms that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.14. Microchip Technology had a return on equity of 35.48% and a net margin of 16.23%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the firm earned $0.94 earnings per share. The firm’s quarterly revenue was up 16.2% compared to the same quarter last year.

Several equities analysts have issued reports on the company. Needham & Company LLC lifted their target price on Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research note on Tuesday, November 7th. Credit Suisse Group reissued an “outperform” rating and issued a $110.00 price target (up previously from $95.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $120.00 price target on shares of Microchip Technology in a report on Tuesday, November 7th. Finally, ValuEngine downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $101.24.

In related news, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the sale, the vice president now directly owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Zions Bancorporation lifted its holdings in shares of Microchip Technology by 215.5% during the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 836 shares during the period. Amica Retiree Medical Trust acquired a new stake in shares of Microchip Technology during the third quarter worth about $121,000. Valeo Financial Advisors LLC acquired a new stake in shares of Microchip Technology during the third quarter worth about $146,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Microchip Technology by 608.4% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock valued at $189,000 after acquiring an additional 1,807 shares during the period. Finally, Dorsey & Whitney Trust CO LLC acquired a new position in Microchip Technology in the third quarter valued at approximately $205,000.

Microchip Technology (NASDAQ MCHP) traded up $0.16 on Friday, reaching $97.45. The company’s stock had a trading volume of 1,691,737 shares, compared to its average volume of 1,318,440. Microchip Technology has a 52 week low of $65.85 and a 52 week high of $98.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 3.33 and a quick ratio of 2.71. The stock has a market capitalization of $22,794.04, a price-to-earnings ratio of 38.98, a PEG ratio of 1.29 and a beta of 1.00.

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About Microchip Technology

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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Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

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