Microchip Technology Inc. (MCHP) Expected to Post Quarterly Sales of $1.51 Billion

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Wall Street analysts expect Microchip Technology Inc. (NASDAQ:MCHP) to announce sales of $1.51 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Microchip Technology’s earnings, with the lowest sales estimate coming in at $1.51 billion and the highest estimate coming in at $1.52 billion. Microchip Technology reported sales of $1.01 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 49.5%. The company is expected to report its next quarterly earnings results after the market closes on Wednesday, November 7th.

On average, analysts expect that Microchip Technology will report full-year sales of $5.67 billion for the current financial year, with estimates ranging from $5.63 billion to $5.76 billion. For the next fiscal year, analysts anticipate that the company will report sales of $6.20 billion, with estimates ranging from $5.99 billion to $6.39 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same quarter last year, the business posted $1.31 earnings per share. The company’s quarterly revenue was up 24.7% on a year-over-year basis.

A number of research firms recently weighed in on MCHP. Morgan Stanley decreased their price target on Microchip Technology from $95.00 to $75.00 and set an “equal weight” rating for the company in a research report on Wednesday. BidaskClub lowered Microchip Technology from a “sell” rating to a “strong sell” rating in a research report on Tuesday. Zacks Investment Research lowered Microchip Technology from a “buy” rating to a “hold” rating in a research report on Tuesday. Raymond James lowered Microchip Technology from an “outperform” rating to a “market perform” rating and set a $105.00 price target for the company. in a research report on Tuesday, September 25th. Finally, KeyCorp began coverage on Microchip Technology in a research report on Tuesday, September 25th. They issued a “sector weight” rating for the company. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $111.05.

In other Microchip Technology news, COO Ganesh Moorthy acquired 12,000 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 14th. The stock was purchased at an average cost of $84.10 per share, with a total value of $1,009,200.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO James Eric Bjornholt sold 1,887 shares of the stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can lifted its stake in Microchip Technology by 7.0% in the 3rd quarter. Bank of Montreal Can now owns 236,270 shares of the semiconductor company’s stock worth $18,643,000 after acquiring an additional 15,529 shares in the last quarter. Spirit of America Management Corp NY lifted its stake in Microchip Technology by 95.2% in the 3rd quarter. Spirit of America Management Corp NY now owns 2,050 shares of the semiconductor company’s stock worth $162,000 after acquiring an additional 1,000 shares in the last quarter. Courier Capital LLC purchased a new stake in Microchip Technology in the 3rd quarter worth about $215,000. Iberiabank Corp raised its stake in shares of Microchip Technology by 38.3% during the 3rd quarter. Iberiabank Corp now owns 8,026 shares of the semiconductor company’s stock worth $633,000 after purchasing an additional 2,222 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Microchip Technology by 5.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 37,438 shares of the semiconductor company’s stock worth $2,953,000 after purchasing an additional 2,098 shares in the last quarter.

Shares of NASDAQ:MCHP traded up $0.56 during midday trading on Monday, reaching $68.26. The company had a trading volume of 5,407,325 shares, compared to its average volume of 3,087,909. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. Microchip Technology has a 1-year low of $65.13 and a 1-year high of $104.20. The firm has a market capitalization of $18.59 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 0.83 and a beta of 1.10.

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; 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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