Wall Street analysts expect that Microchip Technology Inc. (NASDAQ:MCHP) will announce sales of $1.33 billion for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Microchip Technology’s earnings. The lowest sales estimate is $1.33 billion and the highest is $1.34 billion. Microchip Technology posted sales of $1.21 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 9.9%. The business is scheduled to issue its next earnings report on Thursday, August 8th.
On average, analysts expect that Microchip Technology will report full-year sales of $5.54 billion for the current fiscal year, with estimates ranging from $5.48 billion to $5.67 billion. For the next financial year, analysts anticipate that the company will post sales of $5.96 billion, with estimates ranging from $5.74 billion to $6.37 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Tuesday, May 7th. The semiconductor company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.08. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. Microchip Technology’s revenue was up 32.6% compared to the same quarter last year. During the same period last year, the business earned $1.40 EPS.
A number of brokerages have recently commented on MCHP. Cowen began coverage on shares of Microchip Technology in a research note on Friday, February 22nd. They issued a “market perform” rating and a $90.00 price target for the company. TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b-” rating in a research note on Thursday, February 21st. BidaskClub lowered shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 1st. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a research note on Monday, May 6th. Finally, B. Riley lifted their price target on shares of Microchip Technology from $105.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. Microchip Technology has an average rating of “Hold” and a consensus target price of $103.61.
NASDAQ:MCHP opened at $83.81 on Thursday. The stock has a market cap of $19.96 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.63. Microchip Technology has a fifty-two week low of $60.70 and a fifty-two week high of $103.27.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st were given a dividend of $0.3655 per share. This represents a $1.46 annualized dividend and a yield of 1.74%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, May 20th. Microchip Technology’s payout ratio is 24.01%.
In related news, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total transaction of $177,206.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.13% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Thor Advisors LLC bought a new stake in Microchip Technology during the first quarter valued at approximately $70,000. Kayne Anderson Rudnick Investment Management LLC grew its position in Microchip Technology by 1.0% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 64,261 shares of the semiconductor company’s stock valued at $5,331,000 after buying an additional 663 shares during the period. Meridian Wealth Management LLC bought a new stake in Microchip Technology during the first quarter valued at approximately $59,000. Muhlenkamp & Co. Inc. bought a new stake in Microchip Technology during the first quarter valued at approximately $7,923,000. Finally, Allstate Corp bought a new stake in Microchip Technology during the first quarter valued at approximately $338,000.
About Microchip Technology
Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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