Microchip Technology Inc. to Post FY2017 Earnings of $3.22 Per Share, SunTrust Banks Forecasts (MCHP)
Microchip Technology Inc. (NASDAQ:MCHP) – Investment analysts at SunTrust Banks increased their FY2017 EPS estimates for shares of Microchip Technology in a research note issued on Tuesday. SunTrust Banks analyst W. Stein now anticipates that the firm will post earnings per share of $3.22 for the year, up from their previous forecast of $3.04. SunTrust Banks also issued estimates for Microchip Technology’s FY2018 earnings at $3.86 EPS.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.07. The business earned $873.80 million during the quarter, compared to the consensus estimate of $860.96 million. Microchip Technology had a return on equity of 27.29% and a net margin of 1.77%. Microchip Technology’s revenue for the quarter was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share.
A number of other research analysts also recently issued reports on the company. Needham & Company LLC upped their price objective on Microchip Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, August 9th. Mizuho initiated coverage on Microchip Technology in a research note on Friday, September 30th. They issued a “neutral” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on Microchip Technology from $60.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, August 9th. Stifel Nicolaus increased their price target on Microchip Technology from $60.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Finally, Goldman Sachs Group Inc. upgraded Microchip Technology from a “sell” rating to a “neutral” rating and increased their price target for the stock from $49.00 to $57.00 in a research note on Friday, November 4th. Four equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $64.61.
Microchip Technology (NASDAQ:MCHP) traded up 1.14% on Friday, reaching $63.15. The company’s stock had a trading volume of 2,409,663 shares. Microchip Technology has a 52-week low of $39.01 and a 52-week high of $65.61. The stock’s 50 day moving average price is $60.88 and its 200 day moving average price is $56.04. The firm has a market cap of $13.61 billion, a PE ratio of 274.57 and a beta of 1.04.
Several institutional investors have recently made changes to their positions in the stock. SevenBridge Financial Group LLC purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $937,000. 10 15 Associates Inc. purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $759,000. Ladenburg Thalmann Financial Services Inc. raised its position in shares of Microchip Technology by 13.3% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 13,300 shares of the company’s stock valued at $641,000 after buying an additional 1,560 shares during the period. Eachwin Capital LP purchased a new position in shares of Microchip Technology during the first quarter valued at approximately $2,622,000. Finally, LPL Financial LLC raised its position in shares of 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 during the period.
In other news, CFO James Eric Bjornholt sold 2,461 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $60.95, for a total transaction of $149,997.95. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steve Sanghi sold 28,771 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $61.02, for a total value of $1,755,606.42. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 5th. Stockholders of record on Monday, November 21st will be given a dividend of $0.3605 per share. The ex-dividend date of this dividend is Thursday, November 17th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.44 annualized dividend and a dividend yield of 2.28%. Microchip Technology’s dividend payout ratio is 720.00%.
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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