Microchip Technology Inc. (MCHP) to Post Q1 2019 Earnings of $1.36 Per Share, Jefferies Group Forecasts
Microchip Technology Inc. (NASDAQ:MCHP) – Equities researchers at Jefferies Group issued their Q1 2019 earnings per share (EPS) estimates for shares of Microchip Technology in a research report issued to clients and investors on Wednesday. Jefferies Group analyst M. Lipacis forecasts that the semiconductor company will post earnings per share of $1.36 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.
Other analysts also recently issued research reports about the stock. Needham & Company LLC boosted their price objective on shares of Microchip Technology from $120.00 to $130.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 7th. Zacks Investment Research downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. JPMorgan Chase & Co. restated an “overweight” rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Tuesday, November 7th. Credit Suisse Group restated an “outperform” rating and set a $110.00 price objective (up previously from $95.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Finally, ValuEngine downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, November 15th. Five investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $102.35.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.01. Microchip Technology had a net margin of 6.33% and a return on equity of 36.54%. The company had revenue of $994.10 million during the quarter, compared to the consensus estimate of $992.10 million. During the same quarter in the previous year, the firm earned $1.05 earnings per share. The firm’s quarterly revenue was up 19.1% on a year-over-year basis.
Several institutional investors have recently made changes to their positions in the company. First Republic Investment Management Inc. increased its holdings in shares of Microchip Technology by 3.3% in the 4th quarter. First Republic Investment Management Inc. now owns 409,175 shares of the semiconductor company’s stock valued at $35,959,000 after acquiring an additional 12,941 shares during the period. Norinchukin Bank The increased its holdings in shares of Microchip Technology by 8.0% in the 4th quarter. Norinchukin Bank The now owns 18,702 shares of the semiconductor company’s stock valued at $1,644,000 after acquiring an additional 1,380 shares during the period. FDx Advisors Inc. increased its holdings in shares of Microchip Technology by 5.0% in the 4th quarter. FDx Advisors Inc. now owns 29,940 shares of the semiconductor company’s stock valued at $2,631,000 after acquiring an additional 1,430 shares during the period. American International Group Inc. increased its holdings in shares of Microchip Technology by 8.3% in the 4th quarter. American International Group Inc. now owns 105,951 shares of the semiconductor company’s stock valued at $9,311,000 after acquiring an additional 8,139 shares during the period. Finally, Systematic Financial Management LP acquired a new position in shares of Microchip Technology in the 4th quarter valued at $1,628,000.
In other news, CFO James Eric Bjornholt sold 1,801 shares of Microchip Technology stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 2,852 shares of Microchip Technology stock in a transaction on 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 transaction, the vice president now directly owns 15,767 shares in the company, valued at $1,445,203.22. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st will be issued a $0.363 dividend. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.79%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s payout ratio is presently 149.48%.
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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.
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