Microchip Technology Inc. (NASDAQ:MCHP) – Equities researchers at Piper Jaffray Companies decreased their Q2 2020 EPS estimates for shares of Microchip Technology in a research report issued to clients and investors on Tuesday, August 6th, according to Zacks Investment Research. Piper Jaffray Companies analyst H. Kumar now anticipates that the semiconductor company will earn $1.31 per share for the quarter, down from their prior estimate of $1.43. Piper Jaffray Companies has a “Buy” rating and a $110.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.32 EPS and Q4 2020 earnings at $1.38 EPS.
Microchip Technology (NASDAQ:MCHP) last posted its earnings results on Tuesday, August 6th. The semiconductor company reported $1.41 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.16. Microchip Technology had a net margin of 6.79% and a return on equity of 27.79%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same period in the previous year, the company posted $1.61 earnings per share. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year.
MCHP has been the topic of several other reports. BidaskClub cut shares of Microchip Technology from a “hold” rating to a “sell” rating in a report on Tuesday, August 6th. B. Riley upped their price target on shares of Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a report on Monday, May 6th. BMO Capital Markets cut their price target on shares of Microchip Technology from $118.00 to $110.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. ValuEngine cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $115.00 price target on shares of Microchip Technology in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Microchip Technology currently has an average rating of “Hold” and a consensus target price of $101.76.
NASDAQ MCHP opened at $84.58 on Friday. The stock has a market cap of $21.32 billion, a P/E ratio of 13.91, a PEG ratio of 1.37 and a beta of 1.41. The company’s fifty day simple moving average is $90.84 and its 200-day simple moving average is $88.82. The company has a current ratio of 0.93, a quick ratio of 0.63 and a debt-to-equity ratio of 1.65. Microchip Technology has a 52 week low of $60.70 and a 52 week high of $101.35.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be issued a dividend of $0.366 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.73%. This is a boost from Microchip Technology’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Tuesday, August 20th. Microchip Technology’s dividend payout ratio is 24.01%.
In other Microchip Technology news, CFO James Eric Bjornholt sold 1,937 shares of the stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $88.60, for a total transaction of $171,618.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Richard J. Simoncic sold 3,437 shares of the stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $304,518.20. Following the sale, the vice president now directly owns 18,178 shares in the company, valued at $1,610,570.80. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the business. Osborn Williams & Donohoe LLC bought a new position in shares of Microchip Technology during the first quarter worth about $31,000. Parkside Financial Bank & Trust grew its position in shares of Microchip Technology by 65.3% during the first quarter. Parkside Financial Bank & Trust now owns 433 shares of the semiconductor company’s stock worth $36,000 after acquiring an additional 171 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Microchip Technology during the second quarter worth about $37,000. Spectrum Management Group Inc. grew its position in shares of Microchip Technology by 127.1% during the second quarter. Spectrum Management Group Inc. now owns 452 shares of the semiconductor company’s stock worth $39,000 after acquiring an additional 253 shares during the last quarter. Finally, Gemmer Asset Management LLC grew its position in shares of Microchip Technology by 186.5% during the first quarter. Gemmer Asset Management LLC now owns 487 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 317 shares during the last quarter.
Microchip Technology Company Profile
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.