Microchip Technology Inc. (MCHP) Expected to Announce Quarterly Sales of $992.17 Million

Brokerages expect Microchip Technology Inc. (NASDAQ:MCHP) to report $992.17 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Microchip Technology’s earnings, with estimates ranging from $991.90 million to $993.40 million. Microchip Technology posted sales of $834.37 million during the same quarter last year, which suggests a positive year-over-year growth rate of 18.9%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, February 6th.

According to Zacks, analysts expect that Microchip Technology will report full year sales of $992.17 million for the current year, with estimates ranging from $3.97 billion to $3.99 billion. For the next fiscal year, analysts forecast that the business will report sales of $4.19 billion per share, with estimates ranging from $4.08 billion to $4.31 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Microchip Technology.

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

Several research analysts have weighed in on the stock. Zacks Investment Research cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Piper Jaffray Companies assumed coverage on shares of Microchip Technology in a report on Monday, December 18th. They issued an “overweight” rating and a $100.00 price target on the stock. Morgan Stanley increased their price target on shares of Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, December 13th. ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Wednesday, November 15th. Finally, Jefferies Group increased their price target on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, November 7th. 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. Microchip Technology presently has an average rating of “Buy” and an average target price of $101.24.

In other news, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the transaction, the vice president now owns 15,767 shares in the company, valued at $1,445,203.22. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Large investors have recently modified their holdings of the company. State Street Corp raised its stake in Microchip Technology by 0.7% during the second quarter. State Street Corp now owns 8,948,443 shares of the semiconductor company’s stock worth $690,652,000 after buying an additional 58,577 shares during the last quarter. Janus Henderson Group PLC raised its stake in Microchip Technology by 7.8% during the third quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock worth $781,389,000 after buying an additional 630,311 shares during the last quarter. Fred Alger Management Inc. raised its stake in Microchip Technology by 80.9% during the second quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock worth $258,479,000 after buying an additional 1,497,699 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Microchip Technology by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,891,973 shares of the semiconductor company’s stock worth $259,643,000 after buying an additional 488,832 shares during the last quarter. Finally, Alkeon Capital Management LLC raised its stake in Microchip Technology by 0.5% during the third quarter. Alkeon Capital Management LLC now owns 2,052,707 shares of the semiconductor company’s stock worth $184,292,000 after buying an additional 10,000 shares during the last quarter.

Shares of Microchip Technology (NASDAQ MCHP) opened at $98.69 on Tuesday. The stock has a market cap of $22,970.00, a PE ratio of 39.48, a PEG ratio of 1.29 and a beta of 1.00. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85. Microchip Technology has a fifty-two week low of $66.37 and a fifty-two week high of $98.71.

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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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