Analysts expect Microchip Technology Incorporated (NASDAQ:MCHP) to post $1.75 billion in sales for the current fiscal quarter, Zacks reports. Eight analysts have made estimates for Microchip Technology’s earnings, with estimates ranging from $1.73 billion to $1.75 billion. Microchip Technology reported sales of $1.35 billion in the same quarter last year, which would suggest a positive year over year growth rate of 29.6%. The business is scheduled to report its next earnings results on Thursday, February 3rd.
On average, analysts expect that Microchip Technology will report full year sales of $6.73 billion for the current financial year, with estimates ranging from $6.70 billion to $6.76 billion. For the next financial year, analysts expect that the firm will report sales of $7.24 billion, with estimates ranging from $7.03 billion to $7.46 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, November 4th. The semiconductor company reported $1.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.01. Microchip Technology had a net margin of 10.72% and a return on equity of 35.06%. The firm had revenue of $1.65 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business posted $0.69 EPS. The business’s quarterly revenue was up 26.0% on a year-over-year basis.
MCHP has been the topic of several recent analyst reports. KeyCorp increased their price objective on shares of Microchip Technology from $95.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, November 5th. Mizuho increased their price objective on shares of Microchip Technology from $81.50 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, November 5th. Raymond James raised their target price on shares of Microchip Technology from $90.00 to $110.00 and gave the stock a “strong-buy” rating in a research note on Friday, November 5th. Credit Suisse Group raised their target price on shares of Microchip Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, November 5th. Finally, Stifel Nicolaus assumed coverage on shares of Microchip Technology in a report on Thursday, October 14th. They issued a “hold” rating and a $76.00 target price on the stock. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $97.66.
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In other Microchip Technology news, insider Steve Sanghi sold 41,510 shares of the firm’s stock in a transaction on Thursday, December 16th. The stock was sold at an average price of $87.14, for a total value of $3,617,181.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mitchell R. Little sold 3,793 shares of the stock in a transaction on Monday, November 22nd. The stock was sold at an average price of $82.75, for a total value of $313,870.75. The disclosure for this sale can be found here. Insiders sold 235,490 shares of company stock valued at $20,028,438 over the last quarter. 2.03% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCHP. Vestmark Advisory Solutions Inc. grew its holdings in shares of Microchip Technology by 23.5% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 4,937 shares of the semiconductor company’s stock worth $739,000 after purchasing an additional 940 shares during the period. Quadrant Capital Group LLC boosted its holdings in Microchip Technology by 7.2% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,200 shares of the semiconductor company’s stock valued at $180,000 after acquiring an additional 81 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Microchip Technology by 16.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 49,843 shares of the semiconductor company’s stock valued at $7,463,000 after acquiring an additional 7,087 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Microchip Technology by 13.8% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 1,941 shares of the semiconductor company’s stock valued at $291,000 after acquiring an additional 236 shares during the period. Finally, Aspire Private Capital LLC boosted its holdings in Microchip Technology by 65.6% during the 2nd quarter. Aspire Private Capital LLC now owns 3,891 shares of the semiconductor company’s stock valued at $583,000 after acquiring an additional 1,542 shares during the period. Institutional investors and hedge funds own 44.56% of the company’s stock.
Shares of NASDAQ MCHP opened at $81.93 on Friday. The firm has a fifty day simple moving average of $84.38 and a two-hundred day simple moving average of $86.59. The firm has a market capitalization of $45.46 billion, a PE ratio of 72.11, a price-to-earnings-growth ratio of 1.12 and a beta of 1.54. The company has a current ratio of 1.92, a quick ratio of 1.28 and a debt-to-equity ratio of 1.44. Microchip Technology has a 12 month low of $64.53 and a 12 month high of $90.00.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 3rd. Investors of record on Friday, November 19th were issued a $0.232 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.22. This represents a $0.93 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Thursday, November 18th. Microchip Technology’s payout ratio is presently 81.22%.
Microchip Technology Company Profile
Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment involves in the designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.
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