Microchip Technology (NASDAQ:MCHP) posted its earnings results on Wednesday. The semiconductor company reported $1.68 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.03, Morningstar.com reports. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the firm earned $1.41 EPS. The company’s quarterly revenue was up 49.5% compared to the same quarter last year. Microchip Technology updated its Q3 2019 guidance to $1.49-1.64 EPS and its Q3 guidance to $1.49-1.64 EPS.
Shares of NASDAQ:MCHP traded down $2.32 during mid-day trading on Friday, reaching $72.13. The company had a trading volume of 4,358,351 shares, compared to its average volume of 3,222,203. 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 $16.50 billion, a PE ratio of 13.90, a price-to-earnings-growth ratio of 0.77 and a beta of 1.24. Microchip Technology has a one year low of $60.70 and a one year high of $104.20.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 5th. Investors of record on Wednesday, November 21st will be issued a $0.3645 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Tuesday, November 20th. This is a boost from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 28.13%.
In related news, VP Stephen V. Drehobl sold 3,998 shares of Microchip Technology stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $337,151.34. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Eric Bjornholt sold 1,887 shares of Microchip Technology stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $84.33, for a total transaction of $159,130.71. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.
Large investors have recently bought and sold shares of the stock. M. Kraus & Co raised its holdings in Microchip Technology by 70.3% during the 3rd quarter. M. Kraus & Co now owns 43,995 shares of the semiconductor company’s stock valued at $3,472,000 after acquiring an additional 18,160 shares during the period. Point72 Asset Management L.P. bought a new stake in Microchip Technology during the 2nd quarter valued at $34,037,000. BKD Wealth Advisors LLC raised its holdings in Microchip Technology by 4.5% during the 3rd quarter. BKD Wealth Advisors LLC now owns 45,917 shares of the semiconductor company’s stock valued at $3,623,000 after acquiring an additional 1,982 shares during the period. Tredje AP fonden bought a new stake in Microchip Technology during the 2nd quarter valued at $2,321,000. Finally, Exane Derivatives raised its holdings in Microchip Technology by 63.7% during the 3rd quarter. Exane Derivatives now owns 40,838 shares of the semiconductor company’s stock valued at $3,221,000 after acquiring an additional 15,890 shares during the period.
Several research firms have commented on MCHP. JPMorgan Chase & Co. dropped their target price on shares of Microchip Technology from $125.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, August 10th. KeyCorp dropped their target price on shares of Microchip Technology from $116.00 to $111.00 and set an “overweight” rating on the stock in a research report on Friday, August 10th. BidaskClub raised shares of Microchip Technology from a “hold” rating to a “buy” rating in a research report on Friday, August 10th. Nomura began coverage on shares of Microchip Technology in a research report on Wednesday, July 18th. They set a “buy” rating and a $110.00 target price on the stock. Finally, Piper Jaffray Companies lifted their target price on shares of Microchip Technology from $110.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $105.11.
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Microchip Technology Company Profile
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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