Q3 2020 EPS Estimates for Microchip Technology Inc. Boosted by Analyst (NASDAQ:MCHP)

Microchip Technology Inc. (NASDAQ:MCHP) – Stock analysts at Jefferies Financial Group boosted their Q3 2020 earnings per share estimates for Microchip Technology in a note issued to investors on Tuesday, December 3rd. Jefferies Financial Group analyst M. Lipacis now expects that the semiconductor company will earn $1.10 per share for the quarter, up from their previous estimate of $1.07. Jefferies Financial Group has a “Buy” rating and a $119.00 price objective on the stock. Jefferies Financial Group also issued estimates for Microchip Technology’s Q4 2020 earnings at $1.12 EPS, FY2020 earnings at $4.73 EPS, Q1 2021 earnings at $1.30 EPS, Q2 2021 earnings at $1.40 EPS, Q3 2021 earnings at $1.36 EPS and FY2021 earnings at $5.39 EPS.

MCHP has been the subject of several other reports. Raymond James upgraded Microchip Technology from a “market perform” rating to a “strong-buy” rating and set a $115.00 target price for the company in a report on Wednesday, October 30th. Citigroup lifted their price target on Microchip Technology from $104.00 to $109.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Cfra set a $100.00 price objective on Microchip Technology and gave the company a “hold” rating in a research report on Saturday, September 7th. ValuEngine upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Needham & Company LLC raised their target price on Microchip Technology to $110.00 and gave the stock an “in-line” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $105.37.

Shares of NASDAQ:MCHP opened at $98.76 on Friday. The stock has a market cap of $23.60 billion, a PE ratio of 16.24, a PEG ratio of 2.17 and a beta of 1.42. The company’s fifty day moving average is $94.85 and its 200 day moving average is $90.27. Microchip Technology has a 52 week low of $65.67 and a 52 week high of $101.57. The company has a quick ratio of 0.60, a current ratio of 0.90 and a debt-to-equity ratio of 1.57.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.13. Microchip Technology had a net margin of 7.15% and a return on equity of 25.60%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $1.81 EPS. The business’s quarterly revenue was down 6.6% on a year-over-year basis.

A number of hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. bought a new position in shares of Microchip Technology in the second quarter worth approximately $37,000. Spectrum Management Group Inc. increased its position in shares of Microchip Technology by 127.1% during the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 253 shares in the last quarter. Oakworth Capital Inc. bought a new stake in shares of Microchip Technology during the second quarter valued at approximately $40,000. TCI Wealth Advisors Inc. raised its holdings in Microchip Technology by 118.0% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 447 shares of the semiconductor company’s stock worth $42,000 after acquiring an additional 242 shares during the last quarter. Finally, Coastal Investment Advisors Inc. raised its holdings in Microchip Technology by 74.9% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 502 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 215 shares during the last quarter.

In other news, CFO James Eric Bjornholt sold 1,958 shares of Microchip Technology stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $91.15, for a total value of $178,471.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Richard J. Simoncic sold 3,536 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $322,306.40. Following the completion of the transaction, the vice president now owns 18,452 shares in the company, valued at approximately $1,681,899.80. The disclosure for this sale can be found here. Corporate insiders own 2.21% of the company’s stock.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st were given a $0.366 dividend. The ex-dividend date of this dividend was Wednesday, November 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.48%. Microchip Technology’s dividend payout ratio is currently 24.18%.

About Microchip Technology

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.

Read More: Dividend Aristocrat Index

Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit