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.
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.
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