$1.27 EPS Expected for Microchip Technology Incorporated (MCHP) This Quarter

Brokerages expect Microchip Technology Incorporated (NASDAQ:MCHP) to report $1.27 earnings per share for the current quarter, according to Zacks Investment Research. Six analysts have issued estimates for Microchip Technology’s earnings, with the highest EPS estimate coming in at $1.29 and the lowest estimate coming in at $1.26. Microchip Technology posted earnings per share of $0.90 in the same quarter last year, which indicates a positive year-over-year growth rate of 41.1%. The company is expected to issue its next earnings report on Monday, November 6th.

On average, analysts expect that Microchip Technology will report full year earnings of $4.95 per share for the current fiscal year, with EPS estimates ranging from $4.89 to $4.97. For the next fiscal year, analysts forecast that the business will post earnings of $5.19 per share, with EPS estimates ranging from $5.01 to $5.28. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that cover Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Thursday, August 3rd. The semiconductor company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.17. The company had revenue of $972.10 million during the quarter, compared to the consensus estimate of $944.87 million. Microchip Technology had a net margin of 12.53% and a return on equity of 34.33%. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share.

Several analysts have recently weighed in on MCHP shares. B. Riley reaffirmed a “buy” rating and issued a $90.00 target price on shares of Microchip Technology in a report on Monday, May 8th. Citigroup Inc. set a $95.00 target price on shares of Microchip Technology and gave the company a “buy” rating in a report on Wednesday, May 10th. Stifel Nicolaus lifted their target price on shares of Microchip Technology from $83.00 to $88.00 and gave the company a “buy” rating in a report on Wednesday, May 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $102.00 target price (up previously from $100.00) on shares of Microchip Technology in a report on Tuesday, June 6th. Finally, BidaskClub downgraded shares of Microchip Technology from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $88.80.

In related news, CFO James Eric Bjornholt sold 2,510 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total value of $201,527.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Stephen V. Drehobl sold 3,974 shares of the firm’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $80.29, for a total transaction of $319,072.46. Following the completion of the sale, the vice president now owns 14,263 shares of the company’s stock, valued at approximately $1,145,176.27. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its position in shares of Microchip Technology by 66.5% in the second quarter. Principal Financial Group Inc. now owns 6,276,677 shares of the semiconductor company’s stock worth $484,434,000 after buying an additional 2,507,707 shares during the last quarter. Janus Capital Management LLC boosted its position in shares of Microchip Technology by 10.3% in the first quarter. Janus Capital Management LLC now owns 7,130,689 shares of the semiconductor company’s stock worth $526,103,000 after buying an additional 666,436 shares during the last quarter. Waddell & Reed Financial Inc. boosted its position in shares of Microchip Technology by 11.4% in the first quarter. Waddell & Reed Financial Inc. now owns 6,290,257 shares of the semiconductor company’s stock worth $464,095,000 after buying an additional 641,548 shares during the last quarter. Harbour Capital Advisors LLC boosted its position in shares of Microchip Technology by 26,055.4% in the second quarter. Harbour Capital Advisors LLC now owns 612,037 shares of the semiconductor company’s stock worth $7,930,000 after buying an additional 609,697 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Microchip Technology by 2.6% in the first quarter. Vanguard Group Inc. now owns 22,579,936 shares of the semiconductor company’s stock worth $1,665,948,000 after buying an additional 563,501 shares during the last quarter. Hedge funds and other institutional investors own 98.67% of the company’s stock.

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Microchip Technology (MCHP) opened at 83.60 on Thursday. The company’s 50-day moving average is $80.45 and its 200-day moving average is $76.68. Microchip Technology has a 52-week low of $57.52 and a 52-week high of $87.49. The firm has a market capitalization of $19.18 billion, a P/E ratio of 118.58 and a beta of 1.06.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 5th. Investors of record on Monday, August 21st will be paid a $0.362 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, August 17th. This represents a $1.45 annualized dividend and a dividend yield of 1.73%. Microchip Technology’s dividend payout ratio (DPR) is 77.54%.

About Microchip Technology

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The Company operates through two segments: semiconductor products and technology licensing. In the semiconductor products segment, the Company designs, develops, manufactures and markets microcontrollers, development tools and analog, interface, mixed signal and timing products.

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

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