Brokerages Expect Microchip Technology Inc. (MCHP) Will Post Quarterly Sales of $1.33 Billion

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Analysts expect that Microchip Technology Inc. (NASDAQ:MCHP) will report $1.33 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Microchip Technology’s earnings. Microchip Technology reported sales of $1.00 billion during the same quarter last year, which indicates a positive year over year growth rate of 33%. The company is expected to issue its next quarterly earnings report on Tuesday, May 14th.

On average, analysts expect that Microchip Technology will report full-year sales of $5.46 billion for the current fiscal year, with estimates ranging from $5.35 billion to $5.52 billion. For the next year, analysts anticipate that the company will report sales of $5.75 billion, with estimates ranging from $5.60 billion to $5.95 billion. Zacks’ sales calculations are an average based on a survey of research firms that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Tuesday, February 5th. The semiconductor company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.21. Microchip Technology had a net margin of 6.53% and a return on equity of 32.30%. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business posted $1.36 EPS. The firm’s revenue for the quarter was up 42.5% on a year-over-year basis.

A number of brokerages recently weighed in on MCHP. BidaskClub lowered shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Friday. TheStreet upgraded shares of Microchip Technology from a “c+” rating to a “b-” rating in a report on Thursday, February 21st. Cowen initiated coverage on shares of Microchip Technology in a report on Friday, February 22nd. They issued a “market perform” rating and a $90.00 price target for the company. Zacks Investment Research lowered shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Monday, February 11th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a report on Monday, February 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $102.17.

Shares of MCHP opened at $86.10 on Thursday. Microchip Technology has a 1-year low of $60.70 and a 1-year high of $104.20. The stock has a market cap of $20.40 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.09 and a beta of 1.24. The company has a debt-to-equity ratio of 2.04, a current ratio of 2.92 and a quick ratio of 1.83.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Thursday, February 21st were issued a $0.365 dividend. The ex-dividend date was Wednesday, February 20th. This represents a $1.46 annualized dividend and a dividend yield of 1.70%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is currently 28.13%.

In related news, Director Matthew W. Chapman sold 4,660 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $91.04, for a total transaction of $424,246.40. Following the completion of the transaction, the director now owns 19,080 shares in the company, valued at approximately $1,737,043.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Mitchell R. Little sold 3,585 shares of the business’s stock in a transaction that occurred on Wednesday, February 13th. The stock was sold at an average price of $91.17, for a total transaction of $326,844.45. Following the transaction, the vice president now owns 7,693 shares of the company’s stock, valued at approximately $701,370.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,101 shares of company stock valued at $1,258,210. 2.13% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Microchip Technology by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 26,236,361 shares of the semiconductor company’s stock worth $2,070,312,000 after purchasing an additional 237,329 shares during the last quarter. Vanguard Group Inc grew its position in Microchip Technology by 0.9% during the 3rd quarter. Vanguard Group Inc now owns 26,236,361 shares of the semiconductor company’s stock worth $2,070,312,000 after purchasing an additional 237,329 shares during the last quarter. Dodge & Cox purchased a new stake in Microchip Technology during the 3rd quarter worth approximately $827,774,000. Northern Trust Corp grew its position in Microchip Technology by 3.8% during the 4th quarter. Northern Trust Corp now owns 3,306,865 shares of the semiconductor company’s stock worth $237,828,000 after purchasing an additional 121,647 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Microchip Technology by 4.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,164,119 shares of the semiconductor company’s stock worth $227,564,000 after purchasing an additional 134,749 shares during the last quarter.

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

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