Microchip Technology (MCHP) Scheduled to Post Quarterly Earnings on Tuesday

Microchip Technology (NASDAQ:MCHP) is scheduled to be announcing its earnings results after the market closes on Tuesday, November 5th. Analysts expect the company to announce earnings of $0.37 per share for the quarter. Individual that are interested in registering for the company’s earnings conference call can do so using this link.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.24 billion. During the same quarter last year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was down 45.8% compared to the same quarter last year. On average, analysts expect Microchip Technology to post $2 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Microchip Technology Price Performance

Shares of NASDAQ:MCHP opened at $74.81 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.08 and a current ratio of 1.94. The firm has a market cap of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.53. The firm has a fifty day moving average price of $77.40 and a 200 day moving average price of $85.32. Microchip Technology has a fifty-two week low of $71.76 and a fifty-two week high of $100.57.

Insiders Place Their Bets

In other Microchip Technology news, CFO James Eric Bjornholt sold 2,154 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $81.50, for a total value of $175,551.00. Following the completion of the sale, the chief financial officer now directly owns 33,257 shares in the company, valued at approximately $2,710,445.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MCHP. Mizuho set a $95.00 price objective on Microchip Technology in a research report on Friday, October 18th. Susquehanna cut their price target on Microchip Technology from $105.00 to $95.00 and set a “positive” rating for the company in a report on Monday, October 21st. Bank of America cut Microchip Technology from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $110.00 to $90.00 in a report on Friday, August 2nd. Needham & Company LLC cut their target price on shares of Microchip Technology from $100.00 to $96.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Morgan Stanley cut shares of Microchip Technology from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $102.00 to $100.00 in a research report on Thursday, July 11th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Microchip Technology has an average rating of “Moderate Buy” and an average price target of $97.89.

About Microchip Technology

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.