FY2017 Earnings Estimate for Microchip Technology Inc. (MCHP) Issued By Credit Agricole SA
Microchip Technology Inc. (NASDAQ:MCHP) – Equities research analysts at Credit Agricole SA raised their FY2017 earnings per share (EPS) estimates for shares of Microchip Technology in a report released on Tuesday. Credit Agricole SA analyst C. Caso now expects that the firm will post earnings of $3.23 per share for the year, up from their previous forecast of $3.04. Credit Agricole SA also issued estimates for Microchip Technology’s Q3 2018 earnings at $0.91 EPS, Q4 2018 earnings at $0.98 EPS, FY2018 earnings at $3.76 EPS and FY2019 earnings at $4.18 EPS.
Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Monday, November 7th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.87 by $0.07. The company earned $873.80 million during the quarter, compared to the consensus estimate of $860.96 million. Microchip Technology had a net margin of 1.77% and a return on equity of 27.29%. The company’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 EPS.
Other research analysts have also issued research reports about the company. B. Riley reissued a “buy” rating and set a $74.00 price objective on shares of Microchip Technology in a report on Sunday, August 14th. Jefferies Group boosted their price objective on Microchip Technology from $56.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, August 9th. Citigroup Inc. upped their target price on Microchip Technology from $54.00 to $64.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $67.00 target price on shares of Microchip Technology in a research note on Tuesday, August 9th. Finally, Needham & Company LLC upped their target price on Microchip Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. Four research 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 stock. The company has an average rating of “Buy” and a consensus target price of $64.61.
Shares of Microchip Technology (NASDAQ:MCHP) opened at 63.15 on Friday. Microchip Technology has a 12 month low of $39.01 and a 12 month high of $65.61. The stock’s 50 day moving average is $60.88 and its 200 day moving average is $56.04. The firm has a market cap of $13.61 billion, a P/E ratio of 274.57 and a beta of 1.04.
The company 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 $0.3605 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Thursday, November 17th. This represents a $1.44 dividend on an annualized basis and a yield of 2.28%. Microchip Technology’s dividend payout ratio is 720.00%.
In other news, CEO Steve Sanghi sold 26,308 shares of the stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $64.20, for a total value of $1,688,973.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Stephen V. Drehobl sold 4,454 shares of the stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $60.95, for a total value of $271,471.30. Following the completion of the sale, the vice president now directly owns 13,622 shares in the company, valued at $830,260.90. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. SevenBridge Financial Group LLC bought a new stake in Microchip Technology during the first quarter worth approximately $937,000. 10 15 Associates Inc. bought a new stake in Microchip Technology during the first quarter worth approximately $759,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in Microchip Technology by 13.3% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 13,300 shares of the company’s stock worth $641,000 after buying an additional 1,560 shares in the last quarter. Eachwin Capital LP bought a new stake in Microchip Technology during the first quarter worth approximately $2,622,000. Finally, LPL Financial LLC boosted its stake in Microchip Technology by 9.9% in the first quarter. LPL Financial LLC now owns 127,968 shares of the company’s stock worth $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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