Equities analysts expect Microchip Technology Inc. (NASDAQ:MCHP) to post sales of $1.51 billion for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Microchip Technology’s earnings. The lowest sales estimate is $1.51 billion and the highest is $1.52 billion. Microchip Technology posted sales of $1.01 billion during the same quarter last year, which suggests a positive year over year growth rate of 49.5%. The firm is expected to report its next earnings results after the market closes on Wednesday, November 7th.

According to Zacks, analysts expect that Microchip Technology will report full-year sales of $5.67 billion for the current year, with estimates ranging from $5.63 billion to $5.76 billion. For the next fiscal year, analysts forecast that the firm will post sales of $6.20 billion, with estimates ranging from $5.99 billion to $6.39 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter last year, the business posted $1.31 earnings per share. The company’s quarterly revenue was up 24.7% on a year-over-year basis.

MCHP has been the subject of several research reports. Nomura decreased their target price on Microchip Technology from $110.00 to $105.00 and set a “buy” rating for the company in a research note on Friday, August 10th. BidaskClub cut Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, June 26th. Raymond James cut Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 target price for the company. in a research note on Tuesday, September 25th. Morgan Stanley decreased their target price on Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating for the company in a research note on Wednesday. Finally, KeyCorp initiated coverage on Microchip Technology in a research note on Tuesday, September 25th. They set a “sector weight” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $111.05.

MCHP stock traded up $0.56 during trading hours on Monday, hitting $68.26. 5,407,325 shares of the stock traded hands, compared to its average volume of 3,087,909. Microchip Technology has a one year low of $65.13 and a one year high of $104.20. The stock has a market capitalization of $18.59 billion, a P/E ratio of 13.15, a P/E/G ratio of 0.83 and a beta of 1.10. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96.

In other news, CFO James Eric Bjornholt sold 1,887 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Ganesh Moorthy bought 12,000 shares of Microchip Technology stock in a transaction dated Tuesday, August 14th. The shares were bought at an average cost of $84.10 per share, with a total value of $1,009,200.00. The disclosure for this purchase can be found here. Corporate insiders own 2.13% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its holdings in shares of Microchip Technology by 4.7% during the second quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock valued at $1,175,042,000 after purchasing an additional 582,965 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Microchip Technology by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,616,587 shares of the semiconductor company’s stock worth $513,132,000 after acquiring an additional 24,008 shares in the last quarter. Aristotle Capital Management LLC lifted its stake in Microchip Technology by 5.9% in the 1st quarter. Aristotle Capital Management LLC now owns 5,102,781 shares of the semiconductor company’s stock worth $466,190,000 after acquiring an additional 285,886 shares in the last quarter. OppenheimerFunds Inc. lifted its stake in Microchip Technology by 114.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after acquiring an additional 935,884 shares in the last quarter. Finally, Coho Partners Ltd. lifted its stake in Microchip Technology by 2.7% in the 2nd quarter. Coho Partners Ltd. now owns 1,543,379 shares of the semiconductor company’s stock worth $140,370,000 after acquiring an additional 41,296 shares in the last quarter.

Microchip Technology Company Profile

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

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