Brokerages Expect Microchip Technology Inc. (NASDAQ:MCHP) Will Post Earnings of $1.25 Per Share

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Wall Street brokerages expect Microchip Technology Inc. (NASDAQ:MCHP) to post earnings per share of $1.25 for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Microchip Technology’s earnings, with estimates ranging from $1.22 to $1.29. Microchip Technology reported earnings of $1.66 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 24.7%. The company is scheduled to announce its next quarterly earnings report on Tuesday, February 4th.

According to Zacks, analysts expect that Microchip Technology will report full-year earnings of $5.45 per share for the current fiscal year, with EPS estimates ranging from $5.32 to $5.60. For the next year, analysts forecast that the business will report earnings of $6.31 per share, with EPS estimates ranging from $5.66 to $6.89. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.13. Microchip Technology had a net margin of 7.15% and a return on equity of 25.60%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business posted $1.81 earnings per share. The company’s quarterly revenue was down 6.6% compared to the same quarter last year.

Several analysts have recently weighed in on the stock. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Microchip Technology in a report on Friday, October 25th. Citigroup increased their price target on shares of Microchip Technology from $104.00 to $109.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. KeyCorp increased their price target on shares of Microchip Technology from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday. ValuEngine raised shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $115.00 price target on shares of Microchip Technology in a research note on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $110.88.

In related news, CFO James Eric Bjornholt sold 1,958 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $91.15, for a total transaction of $178,471.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Richard J. Simoncic sold 3,536 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $91.15, for a total transaction of $322,306.40. Following the sale, the vice president now owns 18,452 shares in the company, valued at $1,681,899.80. The disclosure for this sale can be found here. Company insiders own 2.21% of the company’s stock.

Hedge funds have recently modified their holdings of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Microchip Technology by 16.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,992 shares of the semiconductor company’s stock valued at $4,074,000 after buying an additional 6,480 shares during the last quarter. Motco increased its stake in Microchip Technology by 1.3% in the 3rd quarter. Motco now owns 63,665 shares of the semiconductor company’s stock valued at $5,915,000 after buying an additional 806 shares during the last quarter. Bremer Bank National Association increased its stake in Microchip Technology by 8.8% in the 3rd quarter. Bremer Bank National Association now owns 14,674 shares of the semiconductor company’s stock valued at $1,363,000 after buying an additional 1,189 shares during the last quarter. Cibc World Markets Corp increased its stake in Microchip Technology by 20.5% in the 2nd quarter. Cibc World Markets Corp now owns 69,199 shares of the semiconductor company’s stock valued at $6,000,000 after buying an additional 11,760 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Microchip Technology by 1,411.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 51,400 shares of the semiconductor company’s stock valued at $4,456,000 after buying an additional 48,000 shares during the last quarter.

NASDAQ:MCHP traded up $0.71 during mid-day trading on Thursday, hitting $110.00. The company’s stock had a trading volume of 120,098 shares, compared to its average volume of 2,437,224. Microchip Technology has a fifty-two week low of $73.25 and a fifty-two week high of $110.80. The company has a current ratio of 0.90, a quick ratio of 0.60 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $26.45 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 1.97 and a beta of 1.43. The stock has a fifty day moving average of $100.51 and a 200-day moving average of $93.80.

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

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