Wall Street analysts forecast that Microchip Technology Incorporated (NASDAQ:MCHP) will announce sales of $1.00 billion for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Microchip Technology’s earnings. The lowest sales estimate is $999.00 million and the highest is $1.00 billion. Microchip Technology posted sales of $871.36 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14.8%. The business is scheduled to issue its next earnings report on Monday, November 6th.
On average, analysts expect that Microchip Technology will report full year sales of $1.00 billion for the current fiscal year, with estimates ranging from $3.81 billion to $4.18 billion. For the next year, analysts anticipate that the business will report sales of $4.15 billion per share, with estimates ranging from $3.98 billion to $4.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.17. The firm had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 EPS.
MCHP has been the topic of several research reports. Stifel Nicolaus increased their target price on Microchip Technology from $83.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on Microchip Technology and gave the stock a “buy” rating in a research report on Wednesday, May 10th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Finally, Jefferies Group LLC reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $88.80.
In other news, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the sale, the vice president now directly owns 14,263 shares in the company, valued at $1,145,176.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. Grove Bank & Trust increased its stake in shares of Microchip Technology by 15.8% in the second quarter. Grove Bank & Trust now owns 1,390 shares of the semiconductor company’s stock valued at $107,000 after buying an additional 190 shares in the last quarter. Duncker Streett & Co. Inc. increased its stake in shares of Microchip Technology by 42.2% in the first quarter. Duncker Streett & Co. Inc. now owns 1,696 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 503 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Microchip Technology by 9.2% in the second quarter. Trust Co. of Vermont now owns 1,615 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 136 shares in the last quarter. Smithfield Trust Co. increased its stake in shares of Microchip Technology by 0.4% in the second quarter. Smithfield Trust Co. now owns 1,626 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 7 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in shares of Microchip Technology during the first quarter valued at $135,000. Institutional investors own 98.67% of the company’s stock.
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Shares of Microchip Technology (MCHP) opened at 82.21 on Friday. The company has a 50 day moving average price of $80.52 and a 200 day moving average price of $76.82. Microchip Technology has a 12-month low of $57.52 and a 12-month high of $87.49. The stock has a market cap of $19.13 billion, a P/E ratio of 44.29 and a beta of 1.06.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Shareholders of record on Monday, August 21st will be given a $0.362 dividend. The ex-dividend date is Thursday, August 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 annualized dividend and a yield of 1.76%. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.
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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