Jefferies Group Comments on Microchip Technology Inc.’s Q1 2018 Earnings (MCHP)
Microchip Technology Inc. (NASDAQ:MCHP) – Equities researchers at Jefferies Group issued their Q1 2018 earnings per share (EPS) estimates for Microchip Technology in a report released on Monday. Jefferies Group analyst M. Lipacis anticipates that the brokerage will earn $0.79 per share for the quarter. Jefferies Group currently has a “Buy” rating and a $72.00 target price on the stock. Jefferies Group also issued estimates for Microchip Technology’s Q2 2018 earnings at $0.89 EPS.
Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Monday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The company had revenue of $873.80 million for the quarter, compared to analysts’ expectations of $860.96 million. Microchip Technology had a net margin of 1.77% and a return on equity of 27.29%. The business’s revenue was up 56.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS.
Other analysts also recently issued reports about the stock. B. Riley reissued a “buy” rating and issued a $78.00 price target on shares of Microchip Technology in a research note on Tuesday. Zacks Investment Research raised shares of Microchip Technology from a “hold” rating to a “strong-buy” rating and set a $72.00 price target for the company in a research note on Friday. Citigroup Inc. boosted their price objective on shares of Microchip Technology from $54.00 to $64.00 and gave the company a “buy” rating in a research report on Tuesday, August 9th. Credit Suisse Group AG restated a “buy” rating and issued a $67.00 price objective on shares of Microchip Technology in a research report on Tuesday, August 9th. Finally, Mizuho restated a “neutral” rating and issued a $67.00 price objective on shares of Microchip Technology in a research report on Tuesday. Four analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $64.61.
Microchip Technology (NASDAQ:MCHP) traded up 1.14% during trading on Thursday, hitting $63.15. 2,409,663 shares of the stock were exchanged. The stock has a market cap of $13.61 billion, a P/E ratio of 274.57 and a beta of 1.04. The stock has a 50 day moving average of $60.88 and a 200-day moving average of $56.04. Microchip Technology has a 52 week low of $39.01 and a 52 week high of $65.61.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Investors of record on Monday, November 21st will be paid a dividend of $0.3605 per share. The ex-dividend date is Thursday, November 17th. This represents a $1.44 annualized dividend and a yield of 2.28%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is presently 720.00%.
In other news, CFO James Eric Bjornholt sold 2,461 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $60.95, for a total value of $149,997.95. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Stephen V. Drehobl sold 4,454 shares of the company’s stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $60.95, for a total transaction of $271,471.30. Following the completion of the transaction, the vice president now owns 13,622 shares in the company, valued at approximately $830,260.90. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MCHP. Liberty Capital Management Inc. purchased a new position in shares of Microchip Technology during the third quarter valued at about $136,000. Mizuho Asset Management Co. Ltd. increased its position in shares of Microchip Technology by 118.7% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,734 shares of the company’s stock valued at $139,000 after buying an additional 1,484 shares in the last quarter. Creative Planning increased its position in shares of Microchip Technology by 92.4% in the second quarter. Creative Planning now owns 3,079 shares of the company’s stock valued at $156,000 after buying an additional 1,479 shares in the last quarter. Cornerstone Advisors Inc. increased its position in shares of Microchip Technology by 13.5% in the third quarter. Cornerstone Advisors Inc. now owns 2,510 shares of the company’s stock valued at $156,000 after buying an additional 299 shares in the last quarter. Finally, FineMark National Bank & Trust increased its position in shares of Microchip Technology by 42.4% in the second quarter. FineMark National Bank & Trust now owns 3,156 shares of the company’s stock valued at $160,000 after buying an additional 940 shares in the last quarter.
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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