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Microchip Technology (NASDAQ:MCHP – Get Rating) is set to post its quarterly earnings results after the market closes on Thursday, November 3rd. Analysts expect Microchip Technology to post earnings of $1.37 per share for the quarter. Microchip Technology has set its Q2 2023 guidance at $1.42-$1.46 EPS and its Q2 guidance at $1.42-1.46 EPS.Individual that are interested in registering for the company’s earnings conference call can do so using this link.
Microchip Technology (NASDAQ:MCHP – Get Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The semiconductor company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.27 by $0.03. Microchip Technology had a net margin of 21.34% and a return on equity of 44.90%. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same period last year, the business posted $0.88 earnings per share. On average, analysts expect Microchip Technology to post $5 EPS for the current fiscal year and $5 EPS for the next fiscal year.
Microchip Technology Stock Performance
Shares of MCHP opened at $62.57 on Thursday. The company has a debt-to-equity ratio of 1.27, a current ratio of 1.78 and a quick ratio of 1.17. Microchip Technology has a one year low of $54.33 and a one year high of $90.00. The company has a 50-day simple moving average of $64.17 and a two-hundred day simple moving average of $65.14. The firm has a market capitalization of $34.57 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 0.78 and a beta of 1.56.
Microchip Technology Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Friday, August 19th were issued a $0.301 dividend. The ex-dividend date of this dividend was Thursday, August 18th. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.28. This represents a $1.20 annualized dividend and a yield of 1.92%. Microchip Technology’s dividend payout ratio (DPR) is 44.12%.
Insiders Place Their Bets
In other Microchip Technology news, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $162,271.59. Following the completion of the sale, the chief financial officer now owns 35,333 shares of the company’s stock, valued at approximately $2,410,063.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Microchip Technology news, CFO James Eric Bjornholt sold 2,379 shares of Microchip Technology stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total value of $162,271.59. Following the completion of the sale, the chief financial officer now owns 35,333 shares of the company’s stock, valued at approximately $2,410,063.93. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Matthew W. Chapman sold 1,000 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $68.21, for a total transaction of $68,210.00. Following the sale, the director now directly owns 37,682 shares of the company’s stock, valued at approximately $2,570,289.22. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Microchip Technology
A number of hedge funds have recently modified their holdings of the business. Kinneret Advisory LLC grew its position in shares of Microchip Technology by 2.3% during the 1st quarter. Kinneret Advisory LLC now owns 7,495 shares of the semiconductor company’s stock valued at $563,000 after acquiring an additional 167 shares during the period. Covestor Ltd grew its position in shares of Microchip Technology by 48.2% during the 1st quarter. Covestor Ltd now owns 569 shares of the semiconductor company’s stock valued at $43,000 after acquiring an additional 185 shares during the period. First Commonwealth Financial Corp PA lifted its stake in shares of Microchip Technology by 2.8% during the 1st quarter. First Commonwealth Financial Corp PA now owns 7,831 shares of the semiconductor company’s stock valued at $588,000 after buying an additional 212 shares in the last quarter. KB Financial Partners LLC lifted its stake in shares of Microchip Technology by 36.1% during the 1st quarter. KB Financial Partners LLC now owns 923 shares of the semiconductor company’s stock valued at $69,000 after buying an additional 245 shares in the last quarter. Finally, Wetherby Asset Management Inc. lifted its stake in shares of Microchip Technology by 3.5% during the 1st quarter. Wetherby Asset Management Inc. now owns 7,691 shares of the semiconductor company’s stock valued at $578,000 after buying an additional 261 shares in the last quarter. Institutional investors own 89.81% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have commented on the stock. Citigroup lowered their price objective on shares of Microchip Technology from $72.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, October 11th. Cowen lifted their target price on shares of Microchip Technology from $60.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. Needham & Company LLC lowered their target price on shares of Microchip Technology from $92.00 to $82.00 in a report on Tuesday. Bank of America lowered their target price on shares of Microchip Technology from $85.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Finally, Morgan Stanley lifted their target price on shares of Microchip Technology from $81.00 to $82.00 and gave the company an “overweight” rating in a report on Wednesday, August 3rd. Four investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.36.
About Microchip Technology
(Get Rating)
Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.
See Also
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