Microchip Technology (MCHP) Releases Q3 2019 Earnings Guidance

Microchip Technology (NASDAQ:MCHP) issued an update on its third quarter 2019 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.49-1.64 for the period, compared to the Thomson Reuters consensus estimate of $1.65. The company issued revenue guidance of $1.362-1.438 billion, compared to the consensus revenue estimate of $1.47 billion.Microchip Technology also updated its Q3 guidance to $1.49-1.64 EPS.

Shares of MCHP stock traded up $5.25 on Thursday, hitting $75.55. 242,505 shares of the company’s stock were exchanged, compared to its average volume of 4,948,862. The company has a quick ratio of 0.80, a current ratio of 1.32 and a debt-to-equity ratio of 1.96. Microchip Technology has a 12 month low of $60.70 and a 12 month high of $104.20. The company has a market cap of $16.50 billion, a P/E ratio of 14.55, a P/E/G ratio of 0.77 and a beta of 1.24.

Microchip Technology (NASDAQ:MCHP) last announced its quarterly earnings data on Wednesday, November 7th. The semiconductor company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.03. Microchip Technology had a return on equity of 36.33% and a net margin of 2.85%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the prior year, the company earned $1.41 EPS. Microchip Technology’s revenue for the quarter was up 49.5% on a year-over-year basis. As a group, equities research analysts anticipate that Microchip Technology will post 6.36 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 5th. Investors of record on Wednesday, November 21st will be given a dividend of $0.3645 per share. This is an increase from Microchip Technology’s previous quarterly dividend of $0.36. This represents a $1.46 annualized dividend and a dividend yield of 1.93%. Microchip Technology’s dividend payout ratio is currently 28.13%.

MCHP has been the subject of several recent analyst reports. Bank of America downgraded Microchip Technology from a buy rating to a neutral rating and dropped their price objective for the stock from $115.00 to $95.00 in a research report on Monday, September 17th. Morgan Stanley dropped their price objective on Microchip Technology from $98.00 to $95.00 and set an equal weight rating for the company in a research report on Wednesday, October 3rd. ValuEngine downgraded Microchip Technology from a sell rating to a strong sell rating in a research report on Tuesday, September 18th. Raymond James downgraded Microchip Technology from an outperform rating to a market perform rating and set a $105.00 price objective for the company. in a research report on Tuesday, September 25th. Finally, Cfra restated a buy rating and set a $110.00 price objective on shares of Microchip Technology in a research report on Wednesday, September 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $105.88.

In other news, COO Ganesh Moorthy bought 12,000 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was purchased at an average cost of $84.10 per share, for a total transaction of $1,009,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO James Eric Bjornholt sold 1,887 shares of the stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $84.33, for a total value of $159,130.71. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.

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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.

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Earnings History and Estimates for Microchip Technology (NASDAQ:MCHP)

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