Microchip Technology Inc. (NASDAQ:MCHP) – Analysts at SunTrust Banks issued their Q1 2020 earnings per share estimates for Microchip Technology in a research note issued to investors on Wednesday. SunTrust Banks analyst W. Stein anticipates that the semiconductor company will post earnings of $1.43 per share for the quarter. SunTrust Banks also issued estimates for Microchip Technology’s Q3 2020 earnings at $1.44 EPS.
Several other research analysts also recently weighed in on MCHP. Morgan Stanley dropped their target price on Microchip Technology from $99.00 to $96.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Argus reiterated a “buy” rating and set a $90.00 price target (up previously from $79.90) on shares of Microchip Technology in a research note on Friday. Bank of America dropped their price target on Microchip Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a research note on Wednesday. BidaskClub downgraded Microchip Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 26th. Finally, B. Riley reiterated a “buy” rating and set a $123.00 price target (up previously from $120.00) on shares of Microchip Technology in a research note on Tuesday, November 7th. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $102.35.
Microchip Technology (NASDAQ:MCHP) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $1.36 earnings per share for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $992.10 million. During the same period in the previous year, the business earned $1.05 EPS. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 6th. Stockholders of record on Wednesday, February 21st will be paid a $0.363 dividend. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. The ex-dividend date is Tuesday, February 20th. This represents a $1.45 dividend on an annualized basis and a dividend yield of 1.79%. Microchip Technology’s dividend payout ratio is presently 149.48%.
In related news, VP Stephen V. Drehobl sold 2,852 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $261,414.32. Following the completion of the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $1,445,203.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James Eric Bjornholt sold 1,801 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $91.66, for a total value of $165,079.66. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. raised its holdings in shares of Microchip Technology by 3.3% during the fourth quarter. First Republic Investment Management Inc. now owns 409,175 shares of the semiconductor company’s stock valued at $35,959,000 after acquiring an additional 12,941 shares during the last quarter. Norinchukin Bank The raised its holdings in shares of Microchip Technology by 8.0% during the fourth quarter. Norinchukin Bank The now owns 18,702 shares of the semiconductor company’s stock valued at $1,644,000 after acquiring an additional 1,380 shares during the last quarter. FDx Advisors Inc. raised its holdings in shares of Microchip Technology by 5.0% during the fourth quarter. FDx Advisors Inc. now owns 29,940 shares of the semiconductor company’s stock valued at $2,631,000 after acquiring an additional 1,430 shares during the last quarter. American International Group Inc. raised its holdings in shares of Microchip Technology by 8.3% during the fourth quarter. American International Group Inc. now owns 105,951 shares of the semiconductor company’s stock valued at $9,311,000 after acquiring an additional 8,139 shares during the last quarter. Finally, Systematic Financial Management LP acquired a new position in shares of Microchip Technology during the fourth quarter valued at approximately $1,628,000.
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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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