Microchip Technology Incorporated (MCHP) Releases Q3 Earnings Guidance
Microchip Technology Incorporated (NASDAQ:MCHP) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $1.30-1.40 for the period, compared to the Thomson Reuters consensus estimate of $1.30. The company issued revenue guidance of $971.7 million to $1.0121 billion, compared to the consensus revenue estimate of $984.46 million.
Shares of Microchip Technology Incorporated (MCHP) traded up $1.70 during trading on Monday, reaching $95.36. The company had a trading volume of 2,970,001 shares, compared to its average volume of 1,580,000. Microchip Technology Incorporated has a 52 week low of $59.45 and a 52 week high of $95.69. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.54 and a current ratio of 3.12. The company has a market capitalization of $21,800.00, a price-to-earnings ratio of 22.04, a PEG ratio of 2.38 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings data on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The business had revenue of $972.10 million for the quarter, compared to the consensus estimate of $944.87 million. During the same period in the prior year, the business posted $0.84 earnings per share. The company’s quarterly revenue was up 21.6% compared to the same quarter last year. sell-side analysts predict that Microchip Technology Incorporated will post 4.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 5th. Shareholders of record on Tuesday, November 21st will be given a dividend of $0.3625 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.45 dividend on an annualized basis and a yield of 1.52%. Microchip Technology’s dividend payout ratio is 77.13%.
A number of equities research analysts have issued reports on the company. B. Riley restated a buy rating and set a $120.00 price objective on shares of Microchip Technology in a research report on Friday, August 4th. Mizuho restated a neutral rating and set a $84.00 price objective (up from $80.00) on shares of Microchip Technology in a research report on Wednesday, August 9th. BidaskClub upgraded Microchip Technology from a hold rating to a buy rating in a research report on Wednesday, August 9th. Jefferies Group LLC restated a buy rating and set a $94.00 price objective (up from $92.00) on shares of Microchip Technology in a research report on Friday, August 4th. Finally, ValuEngine downgraded Microchip Technology from a buy rating to a hold rating in a research report on Saturday, September 30th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $93.75.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,453 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total transaction of $200,876.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Stephen V. Drehobl sold 3,076 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $81.89, for a total value of $251,893.64. Following the transaction, the vice president now owns 14,263 shares in the company, valued at $1,167,997.07. The disclosure for this sale can be found here. Insiders have sold a total of 6,829 shares of company stock worth $561,905 over the last 90 days. 2.13% of the stock is currently owned by company insiders.
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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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