Brokers Set Expectations for Microchip Technology Inc.’s FY2018 Earnings (MCHP)

Microchip Technology Inc. (NASDAQ:MCHP) – Equities researchers at SunTrust Banks dropped their FY2018 EPS estimates for shares of Microchip Technology in a note issued to investors on Wednesday. SunTrust Banks analyst W. Stein now forecasts that the semiconductor company will post earnings of $5.08 per share for the year, down from their previous estimate of $5.09. SunTrust Banks also issued estimates for Microchip Technology’s Q4 2018 earnings at $1.26 EPS, Q1 2019 earnings at $1.33 EPS, Q2 2019 earnings at $1.39 EPS, Q3 2019 earnings at $1.36 EPS, Q4 2019 earnings at $1.34 EPS, FY2019 earnings at $5.42 EPS, Q2 2020 earnings at $1.49 EPS and FY2020 earnings at $5.78 EPS.

A number of other brokerages have also recently commented on MCHP. 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 research report on Tuesday, November 7th. B. Riley reiterated a “buy” rating and set a $123.00 price target (up from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Stifel Nicolaus reiterated a “buy” rating and set a $100.00 price target (up from $94.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Needham & Company LLC increased their price target on shares of Microchip Technology from $120.00 to $130.00 and gave the company a “strong-buy” rating in a research report on Tuesday, November 7th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $120.00 price target on shares of Microchip Technology in a research report on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $102.35.

Microchip Technology (NASDAQ:MCHP) opened at $81.04 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.33. The firm has a market cap of $18,991.17, a P/E ratio of 16.14, a P/E/G ratio of 1.08 and a beta of 1.05. Microchip Technology has a 52-week low of $69.76 and a 52-week high of $99.17.

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

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be paid a $0.363 dividend. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.79%. Microchip Technology’s dividend payout ratio (DPR) is presently 149.49%.

In related news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of 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. Company insiders own 2.13% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC lifted its stake in Microchip Technology by 7.8% in the third quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock worth $781,389,000 after acquiring an additional 630,311 shares during the period. Ameriprise Financial Inc. lifted its stake in Microchip Technology by 20.3% in the third quarter. Ameriprise Financial Inc. now owns 2,891,973 shares of the semiconductor company’s stock worth $259,643,000 after acquiring an additional 488,832 shares during the period. Alkeon Capital Management LLC lifted its stake in Microchip Technology by 0.5% in the third quarter. Alkeon Capital Management LLC now owns 2,052,707 shares of the semiconductor company’s stock worth $184,292,000 after acquiring an additional 10,000 shares during the period. Victory Capital Management Inc. lifted its stake in Microchip Technology by 2.0% in the third quarter. Victory Capital Management Inc. now owns 1,897,918 shares of the semiconductor company’s stock worth $170,395,000 after acquiring an additional 37,148 shares during the period. Finally, Pictet Asset Management Ltd. lifted its stake in Microchip Technology by 13.8% in the third quarter. Pictet Asset Management Ltd. now owns 1,830,462 shares of the semiconductor company’s stock worth $164,339,000 after acquiring an additional 221,275 shares during the period.

ILLEGAL ACTIVITY NOTICE: This story was posted by American Banking News and is owned by of American Banking News. If you are viewing this story on another publication, it was illegally stolen and republished in violation of U.S. & international trademark & copyright law. The correct version of this story can be viewed at https://www.americanbankingnews.com/2018/02/12/brokers-set-expectations-for-microchip-technology-inc-s-fy2018-earnings-mchp.html.

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)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply