Microchip Technology (MCHP) Set to Announce Earnings on Thursday

Microchip Technology (NASDAQ:MCHP – Get Rating) will release its earnings data after the market closes on Thursday, February 2nd. Analysts expect Microchip Technology to post earnings of $1.48 per share for the quarter. Microchip Technology has set its Q3 2023 guidance at $1.54-$1.56 EPS and its Q3 guidance at $1.54-$1.56 EPS. Individual interested in participating in the company’s earnings conference call can do so using this link.

Microchip Technology (NASDAQ:MCHP – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The semiconductor company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.02. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $2.06 billion. Microchip Technology had a return on equity of 47.90% and a net margin of 24.14%. On average, analysts expect Microchip Technology to post $6 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Microchip Technology Stock Performance

Shares of Microchip Technology stock opened at $76.13 on Thursday. The company has a market cap of $41.87 billion, a PE ratio of 23.28, a price-to-earnings-growth ratio of 0.83 and a beta of 1.59. The company has a quick ratio of 0.65, a current ratio of 1.05 and a debt-to-equity ratio of 1.03. The business has a 50-day moving average price of $73.80 and a 200-day moving average price of $68.47. Microchip Technology has a 52 week low of $54.33 and a 52 week high of $80.50.

Microchip Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 6th. Investors of record on Tuesday, November 22nd were paid a $0.328 dividend. The ex-dividend date was Monday, November 21st. This is a boost from Microchip Technology’s previous quarterly dividend of $0.30. This represents a $1.31 annualized dividend and a dividend yield of 1.72%. Microchip Technology’s dividend payout ratio (DPR) is presently 40.06%.

Insider Activity at Microchip Technology

In related news, Director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $64.54, for a total value of $59,828.58. Following the sale, the director now directly owns 1,369 shares in the company, valued at $88,355.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Microchip Technology

A number of institutional investors have recently bought and sold shares of the company. Panagora Asset Management Inc. raised its holdings in shares of Microchip Technology by 31.8% in the first quarter. Panagora Asset Management Inc. now owns 21,731 shares of the semiconductor company’s stock worth $1,633,000 after acquiring an additional 5,237 shares during the last quarter. Cibc World Market Inc. increased its stake in Microchip Technology by 292.9% during the first quarter. Cibc World Market Inc. now owns 44,324 shares of the semiconductor company’s stock worth $3,331,000 after acquiring an additional 33,044 shares during the last quarter. Vontobel Holding Ltd. increased its stake in Microchip Technology by 4.1% during the first quarter. Vontobel Holding Ltd. now owns 29,572 shares of the semiconductor company’s stock worth $2,259,000 after acquiring an additional 1,159 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Microchip Technology by 34.1% in the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company’s stock worth $335,000 after buying an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. LP boosted its position in shares of Microchip Technology by 1,272.4% in the first quarter. Loomis Sayles & Co. LP now owns 326,717 shares of the semiconductor company’s stock worth $24,550,000 after buying an additional 302,910 shares during the period. 89.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Piper Sandler decreased their price objective on shares of Microchip Technology from $100.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, November 4th. UBS Group reduced their price objective on shares of Microchip Technology from $100.00 to $90.00 in a research report on Friday, November 4th. Wells Fargo & Company dropped their price objective on shares of Microchip Technology from $75.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 11th. Stifel Nicolaus raised their price target on shares of Microchip Technology from $77.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, November 29th. Finally, StockNews.com initiated coverage on shares of Microchip Technology in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Microchip Technology has an average rating of “Moderate Buy” and an average target price of $84.10.

Microchip Technology Company Profile

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Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit Embedded Microprocessor Markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

Further Reading

Earnings History for Microchip Technology (NASDAQ:MCHP)

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