Microchip Technology (NASDAQ:MCHP) Updates Q3 2022 Earnings Guidance

Microchip Technology (NASDAQ:MCHP) updated its third quarter 2022 earnings guidance on Thursday. The company provided earnings per share guidance of $1.140-$1.200 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.090. The company issued revenue guidance of $1.72 billion-$1.78 billion, compared to the consensus revenue estimate of $1.68 billion.

A number of brokerages recently commented on MCHP. KeyCorp upped their target price on Microchip Technology from $95.00 to $100.00 and gave the company an overweight rating in a report on Friday, November 5th. UBS Group began coverage on Microchip Technology in a report on Wednesday, October 13th. They set a neutral rating for the company. Stifel Nicolaus initiated coverage on Microchip Technology in a report on Thursday, October 14th. They set a hold rating and a $76.00 target price for the company. Mizuho increased their price objective on Microchip Technology from $81.50 to $85.00 and gave the stock a neutral rating in a report on Friday, November 5th. Finally, B. Riley increased their price objective on Microchip Technology from $97.50 to $100.00 and gave the stock a buy rating in a report on Wednesday, August 4th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Buy and an average target price of $95.74.

Shares of Microchip Technology stock traded up $0.60 during trading on Thursday, hitting $83.91. 2,205,814 shares of the company’s stock traded hands, compared to its average volume of 3,926,085. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.92 and a quick ratio of 1.28. Microchip Technology has a 1 year low of $64.53 and a 1 year high of $87.52. The stock has a market capitalization of $46.56 billion, a P/E ratio of 73.28, a PEG ratio of 1.12 and a beta of 1.58. The business has a 50-day simple moving average of $102.89 and a 200-day simple moving average of $84.42.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, November 4th. The semiconductor company reported $1.07 EPS for the quarter, beating the consensus estimate of $1.06 by $0.01. Microchip Technology had a return on equity of 35.06% and a net margin of 10.72%. The company had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the firm posted $0.69 earnings per share. Microchip Technology’s revenue was up 26.0% compared to the same quarter last year. On average, equities analysts predict that Microchip Technology will post 4.05 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 3rd. Investors of record on Friday, November 19th will be given a dividend of $0.232 per share. The ex-dividend date of this dividend is Thursday, November 18th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.22. This represents a $0.93 annualized dividend and a dividend yield of 1.11%. Microchip Technology’s dividend payout ratio (DPR) is 81.22%.

In other news, Director Matthew W. Chapman sold 1,000 shares of Microchip Technology stock in a transaction dated Monday, November 22nd. The stock was sold at an average price of $82.75, for a total transaction of $82,750.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Mitchell R. Little sold 3,793 shares of Microchip Technology stock in a transaction dated Monday, November 22nd. The shares were sold at an average price of $82.75, for a total value of $313,870.75. The disclosure for this sale can be found here. Insiders have sold 6,690 shares of company stock worth $553,598 over the last ninety days. 2.03% of the stock is currently owned by insiders.

Microchip Technology Company Profile

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

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