Microchip Technology Inc. (NASDAQ:MCHP) – Investment analysts at Jefferies Group dropped their Q4 2018 EPS estimates for shares of Microchip Technology in a research note issued to investors on Wednesday. Jefferies Group analyst M. Lipacis now expects that the semiconductor company will earn $1.25 per share for the quarter, down from their previous estimate of $1.29. Jefferies Group has a “Buy” rating and a $110.00 price target on the stock. Jefferies Group also issued estimates for Microchip Technology’s FY2020 earnings at $5.93 EPS.
Several other analysts also recently commented on the stock. Argus reiterated a “buy” rating and issued a $90.00 target price (up previously from $79.90) on shares of Microchip Technology in a report on Friday. Morgan Stanley lowered their target price on shares of Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating for the company in a report on Wednesday, February 7th. Bank of America lowered their target price on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday, February 7th. BidaskClub downgraded shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Five equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $102.35.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.05 earnings per share.
Institutional investors and hedge funds have recently bought and sold shares of the company. Zions Bancorporation increased its stake in shares of Microchip Technology by 215.5% in 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 in the last quarter. Amica Retiree Medical Trust purchased a new position in shares of Microchip Technology in the third quarter worth about $121,000. Valeo Financial Advisors LLC purchased a new position in shares of Microchip Technology in the third quarter worth about $146,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of 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 worth $189,000 after purchasing an additional 1,807 shares in the last quarter. Finally, Squar Milner Financial Services LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $205,000.
In other news, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $261,414.32. Following the completion of the transaction, the vice president now 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. Company insiders own 2.13% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be issued a dividend of $0.363 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Tuesday, February 20th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is 149.49%.
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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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