Zacks: Analysts Anticipate Microchip Technology Incorporated (MCHP) Will Announce Quarterly Sales of $1.00 Billion
Wall Street analysts expect that Microchip Technology Incorporated (NASDAQ:MCHP) will post sales of $1.00 billion for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Microchip Technology’s earnings, with estimates ranging from $999.00 million to $1.00 billion. Microchip Technology posted sales of $871.36 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14.8%. The business is expected to announce its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Microchip Technology will report full year sales of $1.00 billion for the current financial year, with estimates ranging from $3.81 billion to $4.18 billion. For the next financial year, analysts forecast that the company will post sales of $4.15 billion per share, with estimates ranging from $3.98 billion to $4.42 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.17. Microchip Technology had a return on equity of 34.33% and a net margin of 12.53%. The firm had revenue of $972.10 million for the quarter, compared to analysts’ expectations of $944.87 million. During the same quarter in the previous year, the company earned $0.84 earnings per share. The firm’s quarterly revenue was up 21.6% compared to the same quarter last year.
MCHP has been the topic of a number of research analyst reports. ValuEngine lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, June 1st. Jefferies Group LLC reaffirmed a “buy” rating on shares of Microchip Technology in a research report on Monday, July 10th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research report on Wednesday, May 10th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, May 10th. Finally, Stifel Nicolaus raised their target price on shares of Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, May 10th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Microchip Technology presently has an average rating of “Buy” and a consensus target price of $88.80.
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In other news, CFO James Eric Bjornholt sold 2,510 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephen V. Drehobl sold 3,974 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Veritable L.P. raised its position in Microchip Technology by 15.6% in the second quarter. Veritable L.P. now owns 3,883 shares of the semiconductor company’s stock worth $300,000 after buying an additional 524 shares during the period. Virtu KCG Holdings LLC increased its stake in shares of Microchip Technology by 35.9% in the second quarter. Virtu KCG Holdings LLC now owns 53,146 shares of the semiconductor company’s stock worth $4,102,000 after buying an additional 14,026 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Microchip Technology during the second quarter worth $71,857,000. Parametric Portfolio Associates LLC increased its stake in shares of Microchip Technology by 94.4% in the second quarter. Parametric Portfolio Associates LLC now owns 866,410 shares of the semiconductor company’s stock worth $66,870,000 after buying an additional 420,666 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Microchip Technology by 15.4% in the second quarter. Nordea Investment Management AB now owns 75,012 shares of the semiconductor company’s stock worth $5,789,000 after buying an additional 9,997 shares in the last quarter. Institutional investors own 98.67% of the company’s stock.
Microchip Technology (MCHP) opened at 82.21 on Friday. The firm has a 50 day moving average price of $80.52 and a 200 day moving average price of $76.82. Microchip Technology has a 12-month low of $57.52 and a 12-month high of $87.49. The company has a market cap of $19.13 billion, a PE ratio of 44.29 and a beta of 1.06.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be given a dividend of $0.362 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date is Thursday, August 17th. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is presently 77.54%.
About Microchip Technology
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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