Wall Street brokerages forecast that Microchip Technology (NASDAQ:MCHP) will post sales of $984.47 million for the current quarter, Zacks reports. Seven analysts have provided estimates for Microchip Technology’s earnings, with the lowest sales estimate coming in at $984.00 million and the highest estimate coming in at $985.00 million. Microchip Technology reported sales of $902.67 million during the same quarter last year, which indicates a positive year over year growth rate of 9.1%. The firm is scheduled to report its next earnings results on Tuesday, May 8th.
According to Zacks, analysts expect that Microchip Technology will report full year sales of $3.97 billion for the current financial year, with estimates ranging from $3.96 billion to $3.99 billion. For the next financial year, analysts expect that the firm will report sales of $4.20 billion per share, with estimates ranging from $4.13 billion to $4.26 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.01. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The company had revenue of $994.10 million for the quarter, compared to the consensus estimate of $992.10 million. During the same quarter in the previous year, the business earned $1.05 EPS. The company’s quarterly revenue was up 19.1% compared to the same quarter last year.
A number of research firms have recently commented on MCHP. Morgan Stanley dropped their price objective on Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 7th. Goldman Sachs raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $95.57 to $108.00 in a research note on Thursday, March 8th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $103.00 price objective on the stock in a research note on Friday, January 5th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $92.00 to $110.00 in a research note on Monday, March 5th. Finally, KeyCorp raised Microchip Technology from a “sector weight” rating to an “overweight” rating in a research note on Friday, March 2nd. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Microchip Technology has a consensus rating of “Buy” and an average target price of $103.99.
In related news, Director Wade F. Meyercord sold 5,000 shares of the company’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $94.92, for a total transaction of $474,600.00. Following the transaction, the director now directly owns 29,469 shares of the company’s stock, valued at $2,797,197.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 2,109 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $84.18, for a total value of $177,535.62. The disclosure for this sale can be found here. Insiders have sold 33,667 shares of company stock worth $3,132,552 over the last ninety days. 2.13% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of the stock. Huntington National Bank raised its position in Microchip Technology by 10.9% during the fourth quarter. Huntington National Bank now owns 5,594 shares of the semiconductor company’s stock valued at $492,000 after buying an additional 550 shares during the period. Jaffetilchin Investment Partners LLC grew its stake in Microchip Technology by 15.9% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 4,878 shares of the semiconductor company’s stock valued at $429,000 after purchasing an additional 668 shares in the last quarter. Raymond James Trust N.A. grew its stake in Microchip Technology by 3.7% in the fourth quarter. Raymond James Trust N.A. now owns 18,601 shares of the semiconductor company’s stock valued at $1,634,000 after purchasing an additional 671 shares in the last quarter. Covenant Asset Management LLC grew its stake in Microchip Technology by 4.7% in the fourth quarter. Covenant Asset Management LLC now owns 15,171 shares of the semiconductor company’s stock valued at $1,333,000 after purchasing an additional 675 shares in the last quarter. Finally, Moors & Cabot Inc. grew its stake in Microchip Technology by 7.4% in the fourth quarter. Moors & Cabot Inc. now owns 10,103 shares of the semiconductor company’s stock valued at $888,000 after purchasing an additional 700 shares in the last quarter.
MCHP opened at $89.07 on Wednesday. Microchip Technology has a one year low of $72.56 and a one year high of $101.48. The company has a debt-to-equity ratio of 0.95, a quick ratio of 2.33 and a current ratio of 2.98. The firm has a market capitalization of $20,465.18, a PE ratio of 24.47, a PEG ratio of 1.09 and a beta of 1.06.
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Microchip Technology Company Profile
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; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.
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