Brokers Offer Predictions for Microchip Technology Inc.’s Q3 2017 Earnings (MCHP)
Microchip Technology Inc. (NASDAQ:MCHP) – Credit Agricole SA boosted their Q3 2017 earnings per share (EPS) estimates for Microchip Technology in a report released on Tuesday. Credit Agricole SA analyst C. Caso now anticipates that the brokerage will earn $0.83 per share for the quarter, up from their previous forecast of $0.77. Credit Agricole SA also issued estimates for Microchip Technology’s Q4 2017 earnings at $0.86 EPS, Q1 2018 earnings at $0.90 EPS, Q2 2018 earnings at $0.96 EPS, Q1 2019 earnings at $1.03 EPS and Q2 2019 earnings at $1.08 EPS.
Microchip Technology (NASDAQ:MCHP) last released its earnings results on Monday, November 7th. The company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.07. Microchip Technology had a net margin of 1.77% and a return on equity of 27.29%. The company had revenue of $873.80 million for the quarter, compared to analysts’ expectations of $860.96 million. During the same quarter in the previous year, the company earned $0.66 EPS. Microchip Technology’s revenue for the quarter was up 56.2% on a year-over-year basis.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “strong-buy” rating and set a $72.00 target price for the company in a research report on Friday. Jefferies Group restated a “buy” rating and set a $72.00 price target (up previously from $68.00) on shares of Microchip Technology in a research note on Thursday. Pacific Crest restated a “hold” rating on shares of Microchip Technology in a research note on Tuesday. Mizuho restated a “neutral” rating and set a $67.00 price target on shares of Microchip Technology in a research note on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $75.00 price target (up previously from $70.00) on shares of Microchip Technology in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus price target of $64.61.
Microchip Technology (NASDAQ:MCHP) opened at 63.15 on Thursday. The company’s 50 day moving average is $60.88 and its 200-day moving average is $56.04. The stock has a market cap of $13.61 billion, a PE ratio of 274.57 and a beta of 1.04. Microchip Technology has a 1-year low of $39.01 and a 1-year high of $65.61.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Shareholders of record on Monday, November 21st will be issued a dividend of $0.3605 per share. This represents a $1.44 annualized dividend and a yield of 2.28%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 17th. Microchip Technology’s dividend payout ratio (DPR) is presently 720.00%.
In other Microchip Technology news, VP Stephen V. Drehobl sold 4,454 shares of the stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total transaction of $271,471.30. Following the transaction, the vice president now directly owns 13,622 shares of the company’s stock, valued at $830,260.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Sanghi sold 28,771 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $61.02, for a total transaction of $1,755,606.42. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Davis R M Inc. increased its position in Microchip Technology by 1.1% in the second quarter. Davis R M Inc. now owns 584,802 shares of the company’s stock valued at $29,685,000 after buying an additional 6,418 shares in the last quarter. Fenimore Asset Management Inc. increased its position in Microchip Technology by 0.9% in the third quarter. Fenimore Asset Management Inc. now owns 901,115 shares of the company’s stock valued at $55,995,000 after buying an additional 7,850 shares in the last quarter. Legal & General Group Plc increased its position in Microchip Technology by 0.8% in the first quarter. Legal & General Group Plc now owns 913,454 shares of the company’s stock valued at $44,030,000 after buying an additional 7,332 shares in the last quarter. RNC Capital Management LLC increased its position in Microchip Technology by 1.0% in the second quarter. RNC Capital Management LLC now owns 372,870 shares of the company’s stock valued at $18,927,000 after buying an additional 3,760 shares in the last quarter. Finally, LPL Financial LLC increased its position in Microchip Technology by 9.9% in the first quarter. LPL Financial LLC now owns 127,968 shares of the company’s stock valued at $6,225,000 after buying an additional 11,556 shares in the last quarter.
Microchip Technology Company Profile
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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