Microchip Technology Inc. (NASDAQ:MCHP) – Research analysts at SunTrust Banks raised their Q2 2019 earnings per share (EPS) estimates for shares of Microchip Technology in a report issued on Friday. SunTrust Banks analyst W. Stein now expects that the semiconductor company will earn $1.43 per share for the quarter, up from their previous forecast of $1.39. SunTrust Banks currently has a “Buy” rating on the stock. SunTrust Banks also issued estimates for Microchip Technology’s Q3 2019 earnings at $1.40 EPS, Q1 2020 earnings at $1.47 EPS, Q2 2020 earnings at $1.53 EPS, Q3 2020 earnings at $1.48 EPS and FY2020 earnings at $5.95 EPS.
MCHP has been the subject of several other research reports. Goldman Sachs Group raised Microchip Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $95.57 to $108.00 in a research note on Thursday, March 8th. Zacks Investment Research lowered Microchip Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Stifel Nicolaus reissued an “average” rating and set a $112.00 price objective on shares of Microchip Technology in a research note on Tuesday, March 6th. Bank of America dropped their price objective on Microchip Technology from $120.00 to $110.00 and set a “buy” rating for the company in a research note on Wednesday, February 7th. Finally, KeyCorp raised Microchip Technology from a “sector weight” rating to an “overweight” rating in a research note on Friday, March 2nd. Four analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $103.04.
Microchip Technology (NASDAQ:MCHP) last posted its quarterly earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.01. Microchip Technology had a return on equity of 36.54% and a net margin of 6.33%. The firm had revenue of $994.10 million during the quarter, compared to analyst estimates of $992.10 million. During the same period last year, the company earned $1.05 earnings per share. The business’s revenue for the quarter was up 19.1% on a year-over-year basis.
Hedge funds have recently modified their holdings of the business. Zions Bancorporation increased its holdings in shares of Microchip Technology by 215.5% in the third quarter. Zions Bancorporation now owns 1,224 shares of the semiconductor company’s stock worth $110,000 after buying an additional 836 shares during the period. Amica Retiree Medical Trust purchased a new position in Microchip Technology during the 3rd quarter valued at about $121,000. Valeo Financial Advisors LLC purchased a new position in Microchip Technology during the 3rd quarter valued at about $146,000. Squar Milner Financial Services LLC purchased a new position in Microchip Technology during the 4th quarter valued at about $205,000. Finally, Twin Tree Management LP increased its holdings in Microchip Technology by 126.2% during the 4th quarter. Twin Tree Management LP now owns 2,210 shares of the semiconductor company’s stock valued at $194,000 after purchasing an additional 10,646 shares during the period.
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,109 shares of Microchip Technology stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $84.18, for a total transaction of $177,535.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mitchell R. Little sold 4,159 shares of Microchip Technology stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $84.14, for a total value of $349,938.26. Following the sale, the vice president now directly owns 15,767 shares of the company’s stock, valued at approximately $1,326,635.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 31,392 shares of company stock valued at $2,909,829. Corporate insiders own 2.13% of the company’s stock.
The company also recently declared a quarterly dividend, which was paid on Tuesday, March 6th. Shareholders of record on Wednesday, February 21st were paid a dividend of $0.363 per share. The ex-dividend date was Tuesday, February 20th. This represents a $1.45 annualized dividend and a yield of 1.49%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.36. Microchip Technology’s payout ratio is 149.49%.
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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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