Analysts forecast that Microchip Technology Inc. (NASDAQ:MCHP) will report sales of $1.27 billion for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Microchip Technology’s earnings. The highest sales estimate is $1.29 billion and the lowest is $1.26 billion. Microchip Technology reported sales of $1.42 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 10.6%. The business is scheduled to report its next earnings report after the market closes on Tuesday, February 4th.
On average, analysts expect that Microchip Technology will report full-year sales of $5.26 billion for the current year, with estimates ranging from $5.20 billion to $5.31 billion. For the next financial year, analysts anticipate that the firm will report sales of $5.60 billion, with estimates ranging from $5.39 billion to $5.84 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.13. Microchip Technology had a return on equity of 25.60% and a net margin of 7.15%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the firm posted $1.81 EPS. Microchip Technology’s quarterly revenue was down 6.6% compared to the same quarter last year.
Several research firms have commented on MCHP. Jefferies Financial Group boosted their price objective on Microchip Technology from $104.00 to $119.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley boosted their price objective on Microchip Technology from $102.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Rosenblatt Securities reiterated a “buy” rating and set a $115.00 price objective on shares of Microchip Technology in a research note on Wednesday, November 6th. Citigroup boosted their price objective on Microchip Technology from $104.00 to $109.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Needham & Company LLC boosted their price objective on Microchip Technology to $110.00 and gave the stock an “in-line” rating in a research note on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $111.29.
NASDAQ:MCHP opened at $107.22 on Monday. Microchip Technology has a 12 month low of $77.66 and a 12 month high of $112.47. The stock has a 50 day moving average of $105.59 and a two-hundred day moving average of $95.58. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 1.57. The firm has a market cap of $26.35 billion, a P/E ratio of 70.08, a price-to-earnings-growth ratio of 1.85 and a beta of 1.43.
In related news, CFO James Eric Bjornholt sold 1,958 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total value of $178,471.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Richard J. Simoncic sold 3,536 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total value of $322,306.40. Following the completion of the transaction, the vice president now owns 18,452 shares of the company’s stock, valued at $1,681,899.80. The disclosure for this sale can be found here. 2.21% of the stock is owned by corporate insiders.
A number of institutional investors have recently modified their holdings of MCHP. Mackenzie Financial Corp grew its position in Microchip Technology by 9.0% in the second quarter. Mackenzie Financial Corp now owns 579,451 shares of the semiconductor company’s stock worth $50,238,000 after acquiring an additional 47,918 shares during the period. Marshall Wace North America L.P. purchased a new position in Microchip Technology in the second quarter worth approximately $242,000. Andra AP fonden grew its position in Microchip Technology by 24.1% in the second quarter. Andra AP fonden now owns 11,900 shares of the semiconductor company’s stock worth $1,032,000 after acquiring an additional 2,310 shares during the period. Nuveen Asset Management LLC purchased a new position in Microchip Technology in the second quarter worth approximately $77,989,000. Finally, Kayne Anderson Rudnick Investment Management LLC grew its position in Microchip Technology by 1.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 65,109 shares of the semiconductor company’s stock worth $5,645,000 after acquiring an additional 848 shares during the period.
Microchip Technology Company Profile
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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