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.
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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