Microchip Technology Inc. (NASDAQ:MCHP) Expected to Announce Earnings of $1.44 Per Share

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Wall Street analysts expect that Microchip Technology Inc. (NASDAQ:MCHP) will post $1.44 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Microchip Technology’s earnings, with the lowest EPS estimate coming in at $1.43 and the highest estimate coming in at $1.46. Microchip Technology posted earnings of $1.81 per share in the same quarter last year, which would suggest a negative year-over-year growth rate of 20.4%. The firm is scheduled to report its next earnings results on Wednesday, November 6th.

According to Zacks, analysts expect that Microchip Technology will report full-year earnings of $5.82 per share for the current financial year, with EPS estimates ranging from $5.69 to $6.01. For the next fiscal year, analysts forecast that the business will report earnings of $6.95 per share, with EPS estimates ranging from $6.67 to $7.25. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.16. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Microchip Technology had a return on equity of 27.79% and a net margin of 6.79%. The firm’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.61 EPS.

A number of brokerages recently commented on MCHP. Piper Jaffray Companies set a $110.00 target price on Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a research report on Wednesday, August 7th. Cfra set a $100.00 target price on Microchip Technology and gave the company a “hold” rating in a research report on Saturday, September 7th. Needham & Company LLC set a $100.00 target price on Microchip Technology and gave the company a “buy” rating in a research report on Wednesday, August 7th. Finally, Zacks Investment Research lowered Microchip Technology from a “hold” rating to a “sell” rating and set a $105.00 target price for the company. in a research report on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $100.62.

In other Microchip Technology news, CFO James Eric Bjornholt sold 1,937 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $171,618.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Richard J. Simoncic sold 3,437 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $304,518.20. Following the sale, the vice president now directly owns 18,178 shares of the company’s stock, valued at $1,610,570.80. The disclosure for this sale can be found here. Insiders own 2.21% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Townsend & Associates Inc increased its holdings in Microchip Technology by 14.7% during the 3rd quarter. Townsend & Associates Inc now owns 15,234 shares of the semiconductor company’s stock worth $1,360,000 after purchasing an additional 1,954 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Microchip Technology by 9.1% in the 3rd quarter. Pacer Advisors Inc. now owns 40,709 shares of the semiconductor company’s stock worth $3,782,000 after buying an additional 3,411 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of Microchip Technology by 2.2% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 113,659 shares of the semiconductor company’s stock worth $10,560,000 after buying an additional 2,422 shares during the last quarter. Biltmore Wealth Management LLC purchased a new position in shares of Microchip Technology in the 3rd quarter worth approximately $459,000. Finally, Enterprise Bank & Trust Co boosted its stake in shares of Microchip Technology by 6.5% in the 3rd quarter. Enterprise Bank & Trust Co now owns 5,943 shares of the semiconductor company’s stock worth $552,000 after buying an additional 363 shares during the last quarter.

Microchip Technology stock traded up $2.62 during midday trading on Friday, reaching $95.03. The stock had a trading volume of 1,163,369 shares, compared to its average volume of 1,969,283. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $101.35. The company has a market capitalization of $21.25 billion, a P/E ratio of 15.63, a PEG ratio of 1.62 and a beta of 1.41. The company has a fifty day moving average price of $90.36 and a two-hundred day moving average price of $89.50. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65.

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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