Jefferies Group Weighs in on Microchip Technology Inc.’s Q1 2019 Earnings (MCHP)

Microchip Technology Inc. (NASDAQ:MCHP) – Investment analysts at Jefferies Group issued their Q1 2019 earnings estimates for shares of Microchip Technology in a research report issued to clients and investors on Wednesday. Jefferies Group analyst M. Lipacis expects that the semiconductor company will post earnings of $1.36 per share for the quarter. Jefferies Group currently has a “Buy” rating and a $110.00 target price on the stock. Jefferies Group also issued estimates for Microchip Technology’s Q2 2019 earnings at $1.43 EPS, Q3 2019 earnings at $1.38 EPS, Q4 2019 earnings at $1.35 EPS and FY2019 earnings at $5.53 EPS.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.01. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The company’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.

Several other research analysts also recently issued reports on the stock. Argus reiterated a “buy” rating and set a $90.00 price target (up from $79.90) on shares of Microchip Technology in a report on Friday. Morgan Stanley lowered their price target on shares of Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating for the company in a report on Wednesday. Bank of America lowered their price target on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a report on Wednesday. BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Friday, January 26th. Finally, Zacks Investment Research downgraded Microchip Technology from a “buy” rating to a “hold” rating in a report on Tuesday, January 9th. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Microchip Technology currently has an average rating of “Buy” and a consensus target price of $102.35.

Shares of Microchip Technology (MCHP) traded up $1.28 during trading hours on Friday, hitting $81.18. 5,202,957 shares of the stock traded hands, compared to its average volume of 2,973,936. The firm has a market capitalization of $18,600.00, a P/E ratio of 81.77, a PEG ratio of 1.16 and a beta of 1.05. The company has a quick ratio of 2.71, a current ratio of 2.98 and a debt-to-equity ratio of 0.95. Microchip Technology has a 52 week low of $69.76 and a 52 week high of $99.17.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st will be given a dividend of $0.363 per share. The ex-dividend date of this dividend is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.79%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio is 149.48%.

In other news, CFO James Eric Bjornholt sold 1,801 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 2,852 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total transaction of $261,414.32. Following the transaction, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its position in shares of Microchip Technology by 7.8% during the 3rd quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock worth $781,389,000 after purchasing an additional 630,311 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Microchip Technology by 20.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,891,973 shares of the semiconductor company’s stock valued at $259,643,000 after acquiring an additional 488,832 shares in the last quarter. Alkeon Capital Management LLC lifted its position in Microchip Technology by 0.5% in the 3rd quarter. Alkeon Capital Management LLC now owns 2,052,707 shares of the semiconductor company’s stock valued at $184,292,000 after acquiring an additional 10,000 shares in the last quarter. Victory Capital Management Inc. lifted its position in Microchip Technology by 2.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,897,918 shares of the semiconductor company’s stock valued at $170,395,000 after acquiring an additional 37,148 shares in the last quarter. Finally, Pictet Asset Management Ltd. lifted its position in Microchip Technology by 13.8% in the 3rd quarter. Pictet Asset Management Ltd. now owns 1,830,462 shares of the semiconductor company’s stock valued at $164,339,000 after acquiring an additional 221,275 shares in the last quarter.

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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)

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