Microchip Technology Inc. (NASDAQ:MCHP) – Stock analysts at SunTrust Banks issued their Q1 2020 EPS estimates for Microchip Technology in a note issued to investors on Wednesday. SunTrust Banks analyst W. Stein forecasts that the semiconductor company will earn $1.43 per share for the quarter. SunTrust Banks has a “Hold” rating and a $90.00 price objective on the stock. SunTrust Banks also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.44 EPS.
Several other brokerages also recently commented on MCHP. Zacks Investment Research upgraded shares of Microchip Technology from a “hold” rating to a “buy” rating and set a $102.00 price objective on the stock in a research report on Friday, November 10th. Bank of America decreased their price objective on shares of Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research report on Wednesday. Morgan Stanley raised their price objective on shares of Microchip Technology from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 13th. Jefferies Group raised their price objective on shares of Microchip Technology from $106.00 to $110.00 and gave the company a “buy” rating in a research report on Tuesday, November 7th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $120.00 target price on shares of Microchip Technology in a research note on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Microchip Technology has a consensus rating of “Buy” and an average price target of $102.35.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The business had revenue of $994.10 million for the quarter, compared to the consensus estimate of $992.10 million. During the same period last year, the firm earned $1.05 earnings per share. The company’s quarterly revenue was up 19.1% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be issued a dividend of $0.363 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.79%. Microchip Technology’s dividend payout ratio (DPR) is presently 149.48%.
In other news, CFO James Eric Bjornholt sold 1,801 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the sale, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.
Several large investors have recently bought and sold shares of MCHP. Zions Bancorporation grew its position in shares of Microchip Technology by 215.5% in the 3rd quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after buying an additional 836 shares during the last quarter. Amica Retiree Medical Trust purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $121,000. Valeo Financial Advisors LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $146,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Microchip Technology by 608.4% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,104 shares of the semiconductor company’s stock worth $189,000 after buying an additional 1,807 shares during the last quarter. Finally, Twin Tree Management LP grew its position in shares of Microchip Technology by 126.2% in the 4th quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock worth $194,000 after buying an additional 10,646 shares during the last quarter.
About Microchip Technology
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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