Wall Street brokerages expect Microchip Technology Inc. (NASDAQ:MCHP) to announce $1.33 billion in sales for the current fiscal quarter, Zacks reports. Nine analysts have made estimates for Microchip Technology’s earnings, with the highest sales estimate coming in at $1.34 billion and the lowest estimate coming in at $1.33 billion. Microchip Technology reported sales of $1.21 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 9.9%. The firm is scheduled to issue its next earnings report on Thursday, August 8th.
On average, analysts expect that Microchip Technology will report full year sales of $5.52 billion for the current financial year, with estimates ranging from $5.47 billion to $5.67 billion. For the next year, analysts anticipate that the company will post sales of $5.93 billion, with estimates ranging from $5.74 billion to $6.37 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Microchip Technology.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.08. The business had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The business’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.40 EPS.
MCHP has been the topic of a number of analyst reports. Rosenblatt Securities initiated coverage on FOX in a research note on Monday, May 6th. They issued a “sell” rating and a $33.00 price target on the stock. BidaskClub cut Orthofix Medical from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. BMO Capital Markets lifted their price target on goeasy from C$55.00 to C$60.00 in a research note on Thursday, May 9th. Longbow Research initiated coverage on Microchip Technology in a research note on Tuesday. They issued a “neutral” rating and a $87.93 price target on the stock. Finally, B. Riley lifted their price target on Airgain from $19.00 to $22.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $102.89.
In other news, VP James Eric Bjornholt sold 2,188 shares of Microchip Technology stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.13% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its position in shares of Microchip Technology by 28.6% during the fourth quarter. Advisors Asset Management Inc. now owns 26,666 shares of the semiconductor company’s stock valued at $1,918,000 after purchasing an additional 5,923 shares in the last quarter. State of Tennessee Treasury Department boosted its position in shares of Microchip Technology by 16.6% during the fourth quarter. State of Tennessee Treasury Department now owns 61,290 shares of the semiconductor company’s stock valued at $4,408,000 after purchasing an additional 8,707 shares in the last quarter. Northern Trust Corp boosted its position in shares of Microchip Technology by 3.8% during the fourth quarter. Northern Trust Corp now owns 3,306,865 shares of the semiconductor company’s stock valued at $237,828,000 after purchasing an additional 121,647 shares in the last quarter. First Heartland Consultants Inc. bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $228,000. Finally, CIBC Asset Management Inc boosted its position in shares of Microchip Technology by 1.9% during the fourth quarter. CIBC Asset Management Inc now owns 32,094 shares of the semiconductor company’s stock valued at $2,308,000 after purchasing an additional 609 shares in the last quarter.
Microchip Technology stock traded up $1.98 during trading hours on Friday, reaching $91.71. The company had a trading volume of 1,582,385 shares, compared to its average volume of 2,247,324. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. The stock has a 50-day simple moving average of $84.93. The stock has a market cap of $21.82 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.21 and a beta of 1.42. Microchip Technology has a 12-month low of $60.70 and a 12-month high of $101.35.
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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