Microchip Technology (MCHP) Updates Q3 Earnings Guidance

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Microchip Technology (NASDAQ:MCHP) updated its third quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $1.49-1.64 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.65. The company issued revenue guidance of $1.362-1.438 billion, compared to the consensus revenue estimate of $1.47 billion.Microchip Technology also updated its Q3 2019 guidance to $1.49-1.64 EPS.

Several research firms recently commented on MCHP. BidaskClub upgraded Microchip Technology from a strong sell rating to a sell rating in a research report on Friday, November 2nd. Needham & Company LLC reduced their target price on Microchip Technology to $100.00 and set a strong-buy rating for the company in a research report on Friday, October 26th. Morgan Stanley reduced their target price on Microchip Technology from $95.00 to $75.00 and set an equal weight rating for the company in a research report on Wednesday, October 10th. Zacks Investment Research cut Microchip Technology from a buy rating to a hold rating in a research report on Tuesday, October 9th. Finally, Raymond James cut Microchip Technology from an outperform rating to a market perform rating and set a $105.00 target price for the company. in a research report on Tuesday, September 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average price target of $110.00.

Shares of MCHP traded up $0.27 during midday trading on Wednesday, reaching $70.30. The stock had a trading volume of 3,108,631 shares, compared to its average volume of 3,198,389. Microchip Technology has a 12-month low of $60.70 and a 12-month high of $104.20. The company has a current ratio of 1.32, a quick ratio of 0.80 and a debt-to-equity ratio of 1.96. The stock has a market capitalization of $16.43 billion, a P/E ratio of 13.55, a PEG ratio of 0.76 and a beta of 1.24.

Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.13. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The firm had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the prior year, the business earned $1.31 EPS. The company’s revenue for the quarter was up 24.7% compared to the same quarter last year. On average, equities research analysts predict that Microchip Technology will post 6.36 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 5th. Stockholders of record on Wednesday, November 21st will be issued a $0.3645 dividend. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 dividend on an annualized basis and a dividend yield of 2.07%. Microchip Technology’s dividend payout ratio is presently 28.13%.

In other news, VP Stephen V. Drehobl sold 3,998 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total value of $337,151.34. Following the completion of the sale, the vice president now owns 16,931 shares of the company’s stock, valued at approximately $1,427,791.23. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

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About Microchip Technology

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications. The company offers general purpose and specialized 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit microprocessors; and microcontrollers for automotive networking, computing, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity.

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Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

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