Microchip Technology Inc. (NASDAQ:MCHP) Expected to Announce Quarterly Sales of $1.33 Billion

Analysts predict that Microchip Technology Inc. (NASDAQ:MCHP) will announce sales of $1.33 billion for the current quarter, according to Zacks. Eight analysts have made estimates for Microchip Technology’s earnings. The lowest sales estimate is $1.33 billion and the highest is $1.34 billion. Microchip Technology posted sales of $1.21 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 9.9%. The firm is expected to issue its next quarterly earnings results after the market closes on Tuesday, August 6th.

According to Zacks, analysts expect that Microchip Technology will report full-year sales of $5.52 billion for the current financial year, with estimates ranging from $5.47 billion to $5.67 billion. For the next financial year, analysts anticipate that the company will post sales of $5.95 billion, with estimates ranging from $5.74 billion to $6.37 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Microchip Technology.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.40 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.33 billion. Microchip Technology had a return on equity of 29.27% and a net margin of 6.65%. The business’s revenue was up 32.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS.

Several research analysts have recently commented on MCHP shares. Wells Fargo & Co lifted their target price on Microchip Technology from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. They noted that the move was a valuation call. Mizuho lifted their target price on Microchip Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, May 9th. BMO Capital Markets decreased their target price on Microchip Technology from $118.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, May 9th. BidaskClub upgraded Microchip Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a research report on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Microchip Technology has an average rating of “Buy” and a consensus target price of $103.89.

Shares of MCHP traded down $3.54 during mid-day trading on Monday, hitting $88.06. The stock had a trading volume of 3,506,929 shares, compared to its average volume of 1,676,555. The stock has a market capitalization of $22.48 billion, a P/E ratio of 14.48, a PEG ratio of 1.27 and a beta of 1.40. The company’s fifty day moving average price is $90.07. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.63 and a current ratio of 0.93. Microchip Technology has a fifty-two week low of $60.70 and a fifty-two week high of $101.35.

In related news, VP James Eric Bjornholt sold 2,188 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $80.99, for a total value of $177,206.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.21% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Osborn Williams & Donohoe LLC bought a new stake in Microchip Technology during the 1st quarter valued at $31,000. Parkside Financial Bank & Trust raised its stake in Microchip Technology by 65.3% during the 1st quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 171 shares in the last quarter. Spectrum Management Group Inc. raised its stake in Microchip Technology by 127.1% during the 2nd quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock valued at $39,000 after acquiring an additional 253 shares in the last quarter. Gemmer Asset Management LLC raised its stake in Microchip Technology by 186.5% during the 1st quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock valued at $40,000 after acquiring an additional 317 shares in the last quarter. Finally, Oakworth Capital Inc. bought a new stake in Microchip Technology during the 2nd quarter valued at $40,000.

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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