Microchip Technology (NASDAQ:MCHP) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $1.30-1.39 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.37. The company issued revenue guidance of $964.4-1.004 billion, compared to the consensus revenue estimate of $1.01 billion.
Several brokerages have recently weighed in on MCHP. Needham & Company LLC increased their target price on shares of 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 target price (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Zacks Investment Research downgraded shares of Microchip Technology from a buy rating to a hold rating in a research note on Monday, October 23rd. JPMorgan Chase & Co. reaffirmed an overweight rating and issued a $120.00 price target on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, ValuEngine downgraded shares of Microchip Technology from a buy rating to a hold rating in a research note on Wednesday, November 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $101.24.
Microchip Technology (NASDAQ MCHP) traded up $2.42 during mid-day trading on Tuesday, reaching $91.92. 5,424,886 shares of the company traded hands, compared to its average volume of 1,920,000. The stock has a market cap of $21,390.00, a P/E ratio of 36.77, a PEG ratio of 1.30 and a beta of 1.05. Microchip Technology has a 52 week low of $68.83 and a 52 week high of $99.17. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be issued a dividend of $0.363 per share. This represents a $1.45 annualized dividend and a yield of 1.58%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is presently 58.00%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was 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 disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
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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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