Microchip Technology Inc. (NASDAQ:MCHP) Expected to Announce Quarterly Sales of $1.28 Billion

Brokerages expect Microchip Technology Inc. (NASDAQ:MCHP) to announce $1.28 billion in sales for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Microchip Technology’s earnings. The lowest sales estimate is $1.25 billion and the highest is $1.30 billion. Microchip Technology reported sales of $1.32 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 3%. The business is expected to report its next earnings results after the market closes on Tuesday, August 4th.

On average, analysts expect that Microchip Technology will report full-year sales of $5.18 billion for the current financial year, with estimates ranging from $4.97 billion to $5.33 billion. For the next year, analysts forecast that the company will post sales of $5.62 billion, with estimates ranging from $5.40 billion to $5.85 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Thursday, May 7th. The semiconductor company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.35 by $0.11. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.32 billion. Microchip Technology had a net margin of 10.82% and a return on equity of 23.63%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.48 earnings per share.

Several analysts have weighed in on MCHP shares. Mizuho boosted their price target on shares of Microchip Technology from $92.00 to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Loop Capital initiated coverage on Microchip Technology in a research note on Friday, June 19th. They issued a “buy” rating and a $120.00 target price for the company. Jefferies Financial Group raised their price target on Microchip Technology from $101.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Argus boosted their price objective on Microchip Technology from $100.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Credit Suisse Group restated a “buy” rating and issued a $130.00 target price on shares of Microchip Technology in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $115.30.

In other news, CFO James Eric Bjornholt sold 2,756 shares of Microchip Technology stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $86.92, for a total transaction of $239,551.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Richard J. Simoncic sold 3,958 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $86.92, for a total value of $344,029.36. Following the transaction, the vice president now directly owns 19,213 shares of the company’s stock, valued at approximately $1,669,993.96. The disclosure for this sale can be found here. Insiders have sold 26,336 shares of company stock valued at $2,684,160 in the last three months. Insiders own 2.15% of the company’s stock.

Large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Microchip Technology during the fourth quarter valued at approximately $213,432,000. Janus Henderson Group PLC increased its stake in shares of Microchip Technology by 9.6% in the 1st quarter. Janus Henderson Group PLC now owns 14,250,012 shares of the semiconductor company’s stock worth $966,145,000 after purchasing an additional 1,244,503 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Microchip Technology by 86.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,699,307 shares of the semiconductor company’s stock valued at $115,213,000 after buying an additional 789,089 shares in the last quarter. Viking Global Investors LP purchased a new stake in Microchip Technology in the 1st quarter worth approximately $27,679,000. Finally, Van ECK Associates Corp boosted its position in shares of Microchip Technology by 23.4% in the first quarter. Van ECK Associates Corp now owns 1,580,901 shares of the semiconductor company’s stock worth $107,185,000 after purchasing an additional 299,283 shares during the period.

Shares of Microchip Technology stock traded down $0.52 during trading on Tuesday, reaching $101.73. The company’s stock had a trading volume of 1,559,668 shares, compared to its average volume of 2,393,778. The company has a quick ratio of 0.94, a current ratio of 1.35 and a debt-to-equity ratio of 1.59. Microchip Technology has a 52-week low of $53.15 and a 52-week high of $113.28. The firm’s 50-day moving average is $103.59 and its two-hundred day moving average is $93.37. The company has a market cap of $24.37 billion, a price-to-earnings ratio of 20.22, a PEG ratio of 1.29 and a beta of 1.61.

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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