Microchip Technology (MCHP) Releases Q3 2019 Earnings Guidance

Microchip Technology (NASDAQ:MCHP) issued an update on its third quarter 2019 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.49-1.64 for the period, compared to the Thomson Reuters consensus 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.

MCHP traded up $0.27 on Wednesday, reaching $70.30. 3,108,631 shares of the company traded hands, compared to its average volume of 3,198,389. Microchip Technology has a 52-week low of $60.70 and a 52-week high of $104.20. The company has a market capitalization of $16.43 billion, a PE ratio of 13.55, a PEG ratio of 0.76 and a beta of 1.24. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.80 and a current ratio of 1.32.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Thursday, August 9th. The semiconductor company reported $1.61 EPS for the quarter, beating the Zacks’ consensus estimate of $1.48 by $0.13. Microchip Technology had a net margin of 2.85% and a return on equity of 36.33%. The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the firm posted $1.31 earnings per share. The firm’s revenue was up 24.7% on a year-over-year basis. On average, equities analysts forecast that Microchip Technology will post 6.36 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 5th. Shareholders of record on Wednesday, November 21st will be paid 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 yield of 2.07%. Microchip Technology’s payout ratio is 28.13%.

MCHP has been the subject of a number of analyst reports. ValuEngine cut shares of Microchip Technology from a hold rating to a sell rating in a research note on Tuesday, August 14th. Rosenblatt Securities reiterated a buy rating and issued a $125.00 target price on shares of Microchip Technology in a research note on Sunday, August 12th. BidaskClub upgraded shares of Microchip Technology from a hold rating to a buy rating in a research note on Friday, August 10th. KeyCorp reduced their target price on shares of Microchip Technology from $116.00 to $111.00 and set an overweight rating for the company in a research note on Friday, August 10th. Finally, Morgan Stanley reduced their target price on shares of Microchip Technology from $98.00 to $95.00 and set an equal weight rating for the company in a research note on Wednesday, October 3rd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Microchip Technology presently has an average rating of Buy and an average price target of $110.00.

In other news, COO Ganesh Moorthy acquired 12,000 shares of Microchip Technology stock in a transaction dated Tuesday, August 14th. The stock was acquired at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of the business’s stock in a transaction 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. 2.13% of the stock is currently owned by insiders.

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

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