The Analysts Set Expectations for Microchip Technology Incorporated’s FY2017 Earnings (MCHP), Report finds

The Analysts Set Expectations for Microchip Technology Incorporated’s FY2017 Earnings (MCHP), Report finds

MCHP has been the topic of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Microchip Technology in a research note on Tuesday, November 8th. Zacks Investment Research cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a research note on Tuesday, January 31st. Bank of America Corporation raised shares of Microchip Technology from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Tuesday, November 8th. Citigroup Inc. set a $85.00 price objective on shares of Microchip Technology and gave the stock a “buy” rating in a research note on Wednesday, February 8th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Microchip Technology from a “sell” rating to a “neutral” rating and raised their target price for the stock from $49.00 to $57.00 in a report on Friday, November 4th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Microchip Technology has an average rating of “Buy” and a consensus target price of $73.47.

Microchip Technology Incorporated (NASDAQ:MCHP) – Equities research analysts at Jefferies Group upped their FY2017 earnings per share (EPS) estimates for Microchip Technology in a note issued to investors on Wednesday. Jefferies Group analyst M. Lipacis now anticipates that the firm will post earnings per share of $3.49 for the year, up from their previous forecast of $3.11. Jefferies Group has a “Buy” rating and a $87.00 price target on the stock. Jefferies Group also issued estimates for Microchip Technology’s Q4 2017 earnings at $0.97 EPS, Q1 2018 earnings at $0.99 EPS, Q2 2018 earnings at $1.10 EPS, Q3 2018 earnings at $1.05 EPS, Q4 2018 earnings at $1.10 EPS and FY2018 earnings at $4.23 EPS.

Microchip Technology (NASDAQ:MCHP) opened at 70.90 on Monday. Microchip Technology has a 12 month low of $40.81 and a 12 month high of $76.50. The company’s 50-day moving average is $66.93 and its 200 day moving average is $62.77. The firm has a market cap of $15.35 billion, a price-to-earnings ratio of 172.51 and a beta of 1.08.

Microchip Technology (NASDAQ:MCHP) last issued its quarterly earnings results on Tuesday, February 7th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.90 by $0.15. Microchip Technology had a net margin of 3.10% and a return on equity of 30.26%. The firm earned $881.20 million during the quarter, compared to analyst estimates of $849.14 million. During the same quarter in the prior year, the business posted $0.64 earnings per share. Microchip Technology’s revenue for the quarter was up 59.6% compared to the same quarter last year.

Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its position in Microchip Technology by 19.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 20,786,371 shares of the company’s stock worth $1,291,665,000 after buying an additional 3,405,285 shares in the last quarter. Aristotle Capital Management LLC raised its position in Microchip Technology by 256.5% in the second quarter. Aristotle Capital Management LLC now owns 4,433,716 shares of the company’s stock worth $225,055,000 after buying an additional 3,189,879 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Microchip Technology during the third quarter worth approximately $30,779,000. First Trust Advisors LP raised its position in Microchip Technology by 48.2% in the third quarter. First Trust Advisors LP now owns 613,194 shares of the company’s stock worth $38,104,000 after buying an additional 199,302 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. raised its position in Microchip Technology by 141.8% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 245,464 shares of the company’s stock worth $15,253,000 after buying an additional 143,950 shares in the last quarter.

In other news, CEO Steve Sanghi sold 49,901 shares of Microchip Technology stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $63.80, for a total value of $3,183,683.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Eric Bjornholt sold 2,043 shares of Microchip Technology stock in a transaction that occurred on Tuesday, November 22nd. The shares were sold at an average price of $65.16, for a total transaction of $133,121.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,023 shares of company stock worth $5,608,975. Insiders own 2.50% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 7th. Investors of record on Tuesday, February 21st will be given a dividend of $0.361 per share. This represents a $1.44 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, February 16th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s dividend payout ratio (DPR) is presently 378.95%.

About Microchip Technology

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.

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