Microchip Technology (MCHP) Releases Q4 Earnings Guidance
Microchip Technology (NASDAQ:MCHP) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.30-1.39 for the period, compared to the Thomson Reuters consensus estimate of $1.37. The company issued revenue guidance of $964.4-1.004 billion, compared to the consensus revenue estimate of $1.01 billion.
Several brokerages have commented on MCHP. Morgan Stanley lowered their target price on shares of Microchip Technology from $99.00 to $96.00 and set an equal weight rating for the company in a research note on Wednesday. Needham & Company LLC upped their target price on shares of Microchip Technology from $120.00 to $130.00 and gave the company a strong-buy rating in a research note on Tuesday, November 7th. Bank of America lowered their target price on shares of Microchip Technology from $120.00 to $110.00 and set a buy rating for the company in a research note on Wednesday. Credit Suisse Group reaffirmed an outperform rating and issued a $110.00 target price (up previously from $95.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Finally, Zacks Investment Research downgraded shares of Microchip Technology from a buy rating to a hold rating in a research report on Monday, October 23rd. Six research 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 a consensus rating of Buy and an average target price of $101.56.
Shares of Microchip Technology (MCHP) opened at $82.58 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 2.71 and a current ratio of 3.33. The stock has a market cap of $21,500.58, a PE ratio of 85.48, a PEG ratio of 1.28 and a beta of 1.05. Microchip Technology has a 12 month low of $69.76 and a 12 month high of $99.17.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 6th. Investors of record on Wednesday, February 21st will be given a dividend of $0.363 per share. This represents a $1.45 dividend on an annualized basis and a yield of 1.76%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, February 20th. Microchip Technology’s dividend payout ratio (DPR) is currently 149.49%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,801 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total value of $165,079.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Stephen V. Drehobl sold 2,852 shares of the firm’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $261,414.32. Following the completion of the transaction, the vice president now directly owns 15,767 shares in the company, valued at $1,445,203.22. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.
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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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