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.
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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