$1.55 Billion in Sales Expected for Microchip Technology Incorporated (NASDAQ:MCHP) This Quarter

Equities analysts predict that Microchip Technology Incorporated (NASDAQ:MCHP) will report $1.55 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have made estimates for Microchip Technology’s earnings. Microchip Technology reported sales of $1.31 billion during the same quarter last year, which would suggest a positive year over year growth rate of 18.3%. The business is expected to announce its next quarterly earnings results after the market closes on Tuesday, August 3rd.

On average, analysts expect that Microchip Technology will report full year sales of $6.36 billion for the current year, with estimates ranging from $6.25 billion to $6.47 billion. For the next fiscal year, analysts forecast that the business will report sales of $6.70 billion, with estimates ranging from $6.48 billion to $6.89 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last released its earnings results on Thursday, May 6th. The semiconductor company reported $1.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.11. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.46 billion. Microchip Technology had a net margin of 6.42% and a return on equity of 29.62%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 EPS.

Several research firms have commented on MCHP. Mizuho cut shares of Microchip Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $165.00 to $160.00 in a research report on Thursday, July 15th. Morgan Stanley increased their target price on shares of Microchip Technology from $165.00 to $177.00 and gave the company an “overweight” rating in a research note on Friday, May 7th. Zacks Investment Research lowered shares of Microchip Technology from a “buy” rating to a “hold” rating and set a $144.00 target price for the company. in a research note on Saturday, July 17th. TheStreet raised shares of Microchip Technology from a “c+” rating to a “b” rating in a research note on Thursday, May 6th. Finally, Rosenblatt Securities upped their price target on shares of Microchip Technology from $165.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, May 7th. Six equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $168.56.

Shares of NASDAQ:MCHP traded down $2.17 during trading on Friday, reaching $138.49. 71,502 shares of the company’s stock traded hands, compared to its average volume of 1,876,630. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.89 and a quick ratio of 0.61. Microchip Technology has a 12 month low of $95.53 and a 12 month high of $166.67. The company’s 50 day moving average is $148.50. The stock has a market cap of $37.88 billion, a PE ratio of 23.26, a P/E/G ratio of 1.22 and a beta of 1.67.

Shares of Microchip Technology are set to split on the morning of Tuesday, September 21st. The 2-1 split was announced on Tuesday, September 21st. The newly issued shares will be issued to shareholders after the closing bell on Tuesday, September 21st.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 4th. Stockholders of record on Friday, May 21st were paid a dividend of $0.413 per share. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.39. The ex-dividend date was Thursday, May 20th. This represents a $1.65 annualized dividend and a dividend yield of 1.19%. Microchip Technology’s dividend payout ratio is 28.16%.

In related news, VP Mitchell R. Little sold 2,529 shares of the company’s stock in a transaction on Monday, May 10th. The shares were sold at an average price of $145.79, for a total transaction of $368,702.91. Following the completion of the sale, the vice president now directly owns 6,235 shares of the company’s stock, valued at approximately $909,000.65. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO James Eric Bjornholt sold 1,163 shares of the company’s stock in a transaction on Monday, May 24th. The stock was sold at an average price of $151.15, for a total transaction of $175,787.45. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,192 shares of company stock worth $930,015. 2.15% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in Microchip Technology by 38.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,930,102 shares of the semiconductor company’s stock valued at $2,783,110,000 after purchasing an additional 4,936,074 shares during the period. Norges Bank bought a new stake in Microchip Technology in the 4th quarter valued at $359,336,000. Westwood Holdings Group Inc. boosted its holdings in Microchip Technology by 338.1% in the 1st quarter. Westwood Holdings Group Inc. now owns 739,957 shares of the semiconductor company’s stock valued at $114,856,000 after purchasing an additional 571,067 shares during the period. Rafferty Asset Management LLC boosted its holdings in Microchip Technology by 107.4% in the 1st quarter. Rafferty Asset Management LLC now owns 791,901 shares of the semiconductor company’s stock valued at $122,919,000 after purchasing an additional 410,139 shares during the period. Finally, Ardevora Asset Management LLP bought a new stake in Microchip Technology in the 1st quarter valued at $55,483,000. 90.05% of the stock is owned by institutional investors and hedge funds.

Microchip Technology Company Profile

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

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

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