Microchip Technology Inc. (MCHP) to Post Q1 2020 Earnings of $1.43 Per Share, SunTrust Banks Forecasts

Microchip Technology Inc. (NASDAQ:MCHP) – Investment analysts at SunTrust Banks issued their Q1 2020 earnings per share estimates for shares of Microchip Technology in a research report issued on Wednesday. SunTrust Banks analyst W. Stein forecasts that the semiconductor company will post earnings per share of $1.43 for the quarter. SunTrust Banks currently has a “Hold” rating and a $90.00 target price on the stock. SunTrust Banks also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.44 EPS.

MCHP has been the subject of a number of other reports. Jefferies Group reaffirmed a “buy” rating and set a $106.00 price objective on shares of Microchip Technology in a report on Thursday, October 19th. B. Riley reaffirmed a “buy” rating and set a $123.00 price objective (up from $120.00) on shares of Microchip Technology in a report on Tuesday, November 7th. Morgan Stanley downgraded shares of Microchip Technology from an “overweight” rating to an “equal weight” rating in a report on Wednesday, November 1st. Stifel Nicolaus reissued a “buy” rating and issued a $100.00 price target (up from $94.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $102.35.

Microchip Technology (NASDAQ:MCHP) traded up $1.14 during midday trading on Friday, hitting $81.04. 5,716,768 shares of the stock were exchanged, compared to its average volume of 3,023,435. Microchip Technology has a 52 week low of $69.76 and a 52 week high of $99.17. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.71. The company has a market cap of $18,600.00, a P/E ratio of 83.55, a P/E/G ratio of 1.16 and a beta of 1.05.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. During the same period in the previous year, the firm posted $1.05 EPS. The firm’s revenue was up 19.1% compared to the same quarter last year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st will be paid a dividend of $0.363 per share. This represents a $1.45 annualized dividend and a dividend yield of 1.79%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s dividend payout ratio is 149.48%.

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

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC increased its position in shares of 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 valued at $781,389,000 after buying an additional 630,311 shares during the period. Ameriprise Financial Inc. increased its position in shares of Microchip Technology by 20.3% during the third quarter. Ameriprise Financial Inc. now owns 2,891,973 shares of the semiconductor company’s stock valued at $259,643,000 after buying an additional 488,832 shares during the period. Alkeon Capital Management LLC increased its position in shares of 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 valued at $184,292,000 after buying an additional 10,000 shares during the period. Victory Capital Management Inc. increased its position in shares of Microchip Technology by 2.0% during the third quarter. Victory Capital Management Inc. now owns 1,897,918 shares of the semiconductor company’s stock valued at $170,395,000 after buying an additional 37,148 shares during the period. Finally, Pictet Asset Management Ltd. increased its position in shares of Microchip Technology by 13.8% during the third quarter. Pictet Asset Management Ltd. now owns 1,830,462 shares of the semiconductor company’s stock valued at $164,339,000 after buying an additional 221,275 shares during the period.

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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.

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

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