Analysts Anticipate Microchip Technology Inc. (MCHP) Will Post Quarterly Sales of $992.17 Million

Analysts expect Microchip Technology Inc. (NASDAQ:MCHP) to post $992.17 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Microchip Technology’s earnings, with the lowest sales estimate coming in at $991.90 million and the highest estimate coming in at $993.40 million. Microchip Technology posted sales of $834.37 million during the same quarter last year, which suggests a positive year-over-year growth rate of 18.9%. The company is expected to announce its next quarterly earnings results on Tuesday, February 6th.

On average, analysts expect that Microchip Technology will report full year sales of $992.17 million for the current financial year, with estimates ranging from $3.97 billion to $3.99 billion. For the next year, analysts anticipate that the firm will post sales of $4.19 billion per share, with estimates ranging from $4.08 billion to $4.31 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Monday, November 6th. The semiconductor company reported $1.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.14. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Microchip Technology had a net margin of 16.23% and a return on equity of 35.48%. The business’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.94 earnings per share.

Several research analysts have recently issued reports on MCHP shares. Jefferies Group reiterated a “buy” rating and issued a $106.00 target price on shares of Microchip Technology in a research note on Thursday, October 19th. SunTrust Banks restated a “hold” rating and set a $90.00 price objective on shares of Microchip Technology in a research report on Thursday, October 12th. Morgan Stanley restated an “overweight” rating and set a $94.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 20th. Argus started coverage on shares of Microchip Technology in a research report on Friday, October 6th. They set a “buy” rating and a $106.00 price objective on the stock. Finally, B. Riley restated a “buy” rating and set a $123.00 price objective (up previously from $120.00) on shares of Microchip Technology in a research report on Tuesday, November 7th. Five analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Microchip Technology presently has a consensus rating of “Buy” and a consensus target price of $101.24.

Microchip Technology (MCHP) opened at $92.26 on Friday. The stock has a market cap of $21,470.00, a P/E ratio of 36.90, a PEG ratio of 1.47 and a beta of 1.00. Microchip Technology has a 52 week low of $62.21 and a 52 week high of $95.92. The company has a quick ratio of 2.71, a current ratio of 3.33 and a debt-to-equity ratio of 0.85.

In other Microchip Technology news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 15,767 shares of the company’s stock, valued at $1,445,203.22. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $91.66, for a total transaction of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Microchip Technology by 4.6% during the second quarter. Vanguard Group Inc. now owns 23,622,558 shares of the semiconductor company’s stock valued at $1,823,190,000 after buying an additional 1,042,622 shares during the last quarter. State Street Corp increased its holdings in Microchip Technology by 0.7% during the second quarter. State Street Corp now owns 8,948,443 shares of the semiconductor company’s stock valued at $690,652,000 after buying an additional 58,577 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Microchip Technology by 7.8% during the third quarter. Janus Henderson Group PLC now owns 8,703,575 shares of the semiconductor company’s stock valued at $781,389,000 after buying an additional 630,311 shares during the last quarter. Fred Alger Management Inc. increased its stake in shares of Microchip Technology by 80.9% in the second quarter. Fred Alger Management Inc. now owns 3,349,037 shares of the semiconductor company’s stock worth $258,479,000 after purchasing an additional 1,497,699 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Microchip Technology by 1.8% in the second quarter. Northern Trust Corp now owns 3,091,642 shares of the semiconductor company’s stock worth $238,614,000 after purchasing an additional 53,227 shares in the last quarter.

COPYRIGHT VIOLATION NOTICE: This piece was originally posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are viewing this piece on another publication, it was illegally stolen and republished in violation of US and international copyright & trademark legislation. The correct version of this piece can be read at https://www.chaffeybreeze.com/2018/01/06/analysts-anticipate-microchip-technology-inc-mchp-will-post-quarterly-sales-of-992-17-million.html.

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.

Get a free copy of the Zacks research report on Microchip Technology (MCHP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Microchip Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Microchip Technology and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply