Microchip Technology Inc. (MCHP) Expected to Post Earnings of $1.74 Per Share

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Brokerages forecast that Microchip Technology Inc. (NASDAQ:MCHP) will report earnings per share of $1.74 for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have made estimates for Microchip Technology’s earnings, with the lowest EPS estimate coming in at $1.73 and the highest estimate coming in at $1.74. Microchip Technology reported earnings of $1.41 per share during the same quarter last year, which would suggest a positive year over year growth rate of 23.4%. The business is scheduled to report its next earnings results after the market closes on Wednesday, November 7th.

According to Zacks, analysts expect that Microchip Technology will report full year earnings of $6.69 per share for the current year, with EPS estimates ranging from $6.47 to $6.93. For the next fiscal year, analysts anticipate that the firm will post earnings of $7.61 per share, with EPS estimates ranging from $6.63 to $8.41. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the company earned $1.31 EPS. The firm’s revenue was up 24.7% compared to the same quarter last year.

Several equities research analysts recently commented on the stock. Needham & Company LLC cut their target price on shares of Microchip Technology to $100.00 and set a “strong-buy” rating on the stock in a research report on Friday. Nomura cut their target price on shares of Microchip Technology from $110.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, August 10th. BidaskClub downgraded shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Morgan Stanley cut their target price on shares of Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 10th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $110.00.

NASDAQ:MCHP opened at $62.43 on Tuesday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32. Microchip Technology has a one year low of $60.70 and a one year high of $104.20. The company has a market cap of $14.69 billion, a P/E ratio of 12.03, a price-to-earnings-growth ratio of 0.68 and a beta of 1.10.

In other news, COO Ganesh Moorthy purchased 12,000 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were purchased at an average price of $84.10 per share, for a total transaction of $1,009,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $337,151.34. Following the completion of the transaction, the vice president now owns 16,931 shares in the company, valued at approximately $1,427,791.23. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MCHP. Artisan Partners Limited Partnership acquired a new position in shares of Microchip Technology in the 2nd quarter worth approximately $96,187,000. OppenheimerFunds Inc. lifted its position in shares of Microchip Technology by 114.5% in the 2nd quarter. OppenheimerFunds Inc. now owns 1,753,557 shares of the semiconductor company’s stock worth $159,486,000 after purchasing an additional 935,884 shares during the period. Millennium Management LLC lifted its position in shares of Microchip Technology by 1,900.4% in the 2nd quarter. Millennium Management LLC now owns 705,152 shares of the semiconductor company’s stock worth $64,134,000 after purchasing an additional 669,901 shares during the period. Janus Henderson Group PLC lifted its position in shares of Microchip Technology by 4.7% in the 2nd quarter. Janus Henderson Group PLC now owns 12,919,605 shares of the semiconductor company’s stock worth $1,175,042,000 after purchasing an additional 582,965 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Microchip Technology in the 2nd quarter worth approximately $34,037,000.

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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