Zacks: Brokerages Expect Microchip Technology (MCHP) to Post $1.35 EPS

Equities analysts predict that Microchip Technology (NASDAQ:MCHP) will announce $1.35 earnings per share for the current quarter, Zacks reports. Seven analysts have issued estimates for Microchip Technology’s earnings, with estimates ranging from $1.34 to $1.35. Microchip Technology posted earnings of $1.16 per share in the same quarter last year, which suggests a positive year over year growth rate of 16.4%. The company is scheduled to issue its next quarterly earnings results on Tuesday, May 8th.

On average, analysts expect that Microchip Technology will report full year earnings of $5.43 per share for the current year, with EPS estimates ranging from $5.42 to $5.43. For the next financial year, analysts anticipate that the business will post earnings of $5.87 per share, with EPS estimates ranging from $5.64 to $6.17. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Microchip Technology.

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Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.01. The business had revenue of $994.10 million during the quarter, compared to analyst estimates of $992.10 million. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The company’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period last year, the company earned $1.05 EPS.

MCHP has been the subject of a number of research analyst reports. Stifel Nicolaus reissued an “average” rating and set a $112.00 price target on shares of Microchip Technology in a research note on Tuesday, March 6th. Mizuho raised Microchip Technology from a “neutral” rating to a “buy” rating and raised their price target for the stock from $92.00 to $110.00 in a research note on Monday, March 5th. Zacks Investment Research raised Microchip Technology from a “hold” rating to a “buy” rating and set a $103.00 price target for the company in a research note on Friday, January 5th. Bank of America decreased their price target on Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, February 7th. Finally, BidaskClub lowered Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 26th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Microchip Technology currently has an average rating of “Buy” and a consensus price target of $103.99.

In other Microchip Technology news, VP Mitchell R. Little sold 4,159 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $84.14, for a total transaction of $349,938.26. Following the transaction, the vice president now directly owns 15,767 shares in the company, valued at approximately $1,326,635.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 2,109 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was 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 a total of 33,667 shares of company stock worth $3,132,552 over the last 90 days. 2.13% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Atlantic Trust Group LLC increased its holdings in shares of Microchip Technology by 255.3% in the 3rd quarter. Atlantic Trust Group LLC now owns 1,381,312 shares of the semiconductor company’s stock valued at $124,014,000 after acquiring an additional 992,572 shares during the period. Carillon Tower Advisers Inc. purchased a new position in shares of Microchip Technology in the 4th quarter valued at $41,809,000. Mackenzie Financial Corp purchased a new position in shares of Microchip Technology in the 4th quarter valued at $39,601,000. Platinum Investment Management Ltd. purchased a new position in shares of Microchip Technology in the 4th quarter valued at $23,973,000. Finally, Aristotle Capital Management LLC increased its holdings in shares of Microchip Technology by 5.6% in the 4th quarter. Aristotle Capital Management LLC now owns 4,816,895 shares of the semiconductor company’s stock valued at $423,309,000 after acquiring an additional 257,166 shares during the period.

Shares of NASDAQ:MCHP traded down $1.28 during trading on Monday, hitting $84.40. The company had a trading volume of 3,294,406 shares, compared to its average volume of 3,195,373. Microchip Technology has a one year low of $74.55 and a one year high of $101.48. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.98 and a quick ratio of 2.33. The firm has a market capitalization of $20,078.52, a price-to-earnings ratio of 23.19, a PEG ratio of 1.06 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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Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

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