Equities analysts predict that Microchip Technology Incorporated (NASDAQ:MCHP) will announce sales of $1.65 billion for the current quarter, Zacks reports. Seven analysts have provided estimates for Microchip Technology's earnings. Microchip Technology posted sales of $1.31 billion in the same quarter last year, which would indicate a positive year over year growth rate of 26%. The firm is scheduled to report its next quarterly earnings report on Thursday, November 4th.
According to Zacks, analysts expect that Microchip Technology will report full-year sales of $6.57 billion for the current year, with estimates ranging from $6.37 billion to $6.67 billion. For the next year, analysts anticipate that the firm will report sales of $6.99 billion, with estimates ranging from $6.84 billion to $7.19 billion. Zacks' sales averages are a mean average based on a survey of research firms that that provide coverage for Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, August 3rd. The semiconductor company reported $1.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $1.91 by $0.07. The company had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. Microchip Technology had a net margin of 8.40% and a return on equity of 32.10%. During the same quarter last year, the business posted $1.56 EPS.
MCHP has been the subject of several recent analyst reports. BMO Capital Markets boosted their price objective on shares of Microchip Technology from $165.00 to $175.00 and gave the company an "outperform" rating in a research note on Wednesday, August 4th. Morgan Stanley boosted their price objective on shares of Microchip Technology from $177.00 to $190.00 and gave the company an "overweight" rating in a research note on Monday, August 2nd. B. Riley lifted their price objective on Microchip Technology from $195.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, August 4th. Needham & Company LLC lifted their price objective on Microchip Technology from $200.00 to $210.00 and gave the company a "buy" rating in a research note on Wednesday, August 4th. Finally, Susquehanna Bancshares lifted their price objective on Microchip Technology from $190.00 to $195.00 and gave the company a "positive" rating in a research note on Wednesday, August 4th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $177.17.
In related news, Director Wade F. Meyercord sold 500 shares of the business's stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $148.83, for a total value of $74,415.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Wade F. Meyercord sold 692 shares of the business's stock in a transaction that occurred on Monday, August 16th. The stock was sold at an average price of $151.80, for a total transaction of $105,045.60. The disclosure for this sale can be found here. Insiders own 2.03% of the company's stock.
Hedge funds have recently modified their holdings of the stock. Tortoise Investment Management LLC purchased a new stake in Microchip Technology in the second quarter worth approximately $25,000. Assetmark Inc. lifted its holdings in Microchip Technology by 45.7% in the second quarter. Assetmark Inc. now owns 220 shares of the semiconductor company's stock valued at $33,000 after acquiring an additional 69 shares during the period. Certified Advisory Corp bought a new position in Microchip Technology in the first quarter valued at about $37,000. Cranbrook Wealth Management LLC purchased a new stake in Microchip Technology during the first quarter valued at approximately $53,000. Finally, Jacobi Capital Management LLC increased its holdings in Microchip Technology by 26.2% during the first quarter. Jacobi Capital Management LLC now owns 380 shares of the semiconductor company's stock valued at $59,000 after buying an additional 79 shares during the last quarter. Institutional investors own 89.22% of the company's stock.
MCHP stock opened at $157.48 on Monday. The company has a market capitalization of $43.16 billion, a price-to-earnings ratio of 92.64, a PEG ratio of 1.11 and a beta of 1.68. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.35 and a current ratio of 1.98. The stock has a fifty day moving average of $147.23 and a 200-day moving average of $149.98. Microchip Technology has a fifty-two week low of $95.53 and a fifty-two week high of $166.67.
Microchip Technology's stock is scheduled to split before the market opens on Tuesday, September 21st. The 2-1 split was announced on Tuesday, September 21st. The newly issued shares will be issued to shareholders after the market closes on Tuesday, September 21st.
The business also recently announced a quarterly dividend, which was paid on Friday, September 3rd. Stockholders of record on Friday, August 20th were paid a dividend of $0.437 per share. This is a positive change from Microchip Technology's previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 1.11%. Microchip Technology's payout ratio is presently 29.86%.
About Microchip Technology
Microchip Technology, Inc engages in the provision of semiconductor products. It operates through the Semiconductor Products and Technology Licensing segments. The Semiconductor Products segment involves in the designing, developing, manufacturing, and marketing microcontrollers, development tools and analog, interface, mixed signal, connectivity devices, and timing products.
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