Microchip Technology Incorporated (MCHP) Releases Q3 Earnings Guidance
Microchip Technology Incorporated (NASDAQ:MCHP) updated its third quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $1.30-1.40 for the period, compared to the Thomson Reuters consensus estimate of $1.30. The company issued revenue guidance of $971.7 million to $1.0121 billion, compared to the consensus revenue estimate of $984.46 million.
Several analysts recently commented on the company. B. Riley reaffirmed a buy rating and set a $120.00 price objective on shares of Microchip Technology in a research note on Friday, August 4th. J P Morgan Chase & Co reaffirmed an overweight rating and set a $120.00 price objective on shares of Microchip Technology in a research note on Tuesday. Stifel Nicolaus reaffirmed a buy rating and set a $100.00 price objective (up previously from $94.00) on shares of Microchip Technology in a research note on Tuesday. Jefferies Group LLC raised their price objective on Microchip Technology from $106.00 to $110.00 and gave the stock a buy rating in a research note on Tuesday. Finally, Credit Suisse Group reaffirmed an outperform rating and set a $110.00 price objective (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday. Seven analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $97.82.
Microchip Technology Incorporated (MCHP) opened at $91.44 on Wednesday. Microchip Technology Incorporated has a 1-year low of $60.77 and a 1-year high of $95.92. The company has a current ratio of 3.12, a quick ratio of 2.54 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $22,192.55, a PE ratio of 20.20, a P/E/G ratio of 2.42 and a beta of 1.05.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Monday, November 6th. The semiconductor company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.14. Microchip Technology had a return on equity of 36.81% and a net margin of 16.23%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same quarter last year, the company posted $0.94 earnings per share. Microchip Technology’s quarterly revenue was up 16.2% on a year-over-year basis. analysts forecast that Microchip Technology Incorporated will post 4.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 5th. Investors of record on Tuesday, November 21st will be issued a dividend of $0.3625 per share. The ex-dividend date of this dividend is Monday, November 20th. This represents a $1.45 dividend on an annualized basis and a yield of 1.59%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is presently 58.00%.
In other news, Director Wade F. Meyercord sold 1,300 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $83.95, for a total value of $109,135.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Eric Bjornholt sold 2,453 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $81.89, for a total transaction of $200,876.17. The disclosure for this sale can be found here. Insiders have sold 6,829 shares of company stock valued at $561,905 in the last quarter. 2.13% of the stock is currently owned by corporate insiders.
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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