Microchip Technology (NASDAQ:MCHP) Posts Earnings Results, Beats Expectations By $0.08 EPS

Microchip Technology (NASDAQ:MCHP) announced its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.08, MarketWatch Earnings reports. Microchip Technology had a net margin of 6.65% and a return on equity of 29.27%. The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the company earned $1.40 earnings per share. The company’s revenue for the quarter was up 32.6% compared to the same quarter last year.

Shares of Microchip Technology stock opened at $81.34 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.93 and a quick ratio of 0.63. The company has a market capitalization of $18.75 billion, a P/E ratio of 13.38, a P/E/G ratio of 1.05 and a beta of 1.31. Microchip Technology has a fifty-two week low of $60.70 and a fifty-two week high of $104.20.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st will be issued a $0.3655 dividend. The ex-dividend date is Monday, May 20th. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.80%. This is a positive change from Microchip Technology’s previous quarterly dividend of $0.37. Microchip Technology’s dividend payout ratio (DPR) is currently 24.01%.

In other news, Director L B. Day sold 3,500 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $84.82, for a total value of $296,870.00. Following the completion of the transaction, the director now owns 9,238 shares of the company’s stock, valued at approximately $783,567.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP James Eric Bjornholt sold 2,188 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $80.99, for a total transaction of $177,206.12. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

MCHP has been the subject of a number of research analyst reports. B. Riley lifted their target price on shares of Microchip Technology from $105.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, May 6th. Rosenblatt Securities reiterated a “buy” rating and issued a $115.00 target price on shares of Microchip Technology in a research note on Monday, May 6th. ValuEngine upgraded shares of Microchip Technology from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Needham & Company LLC lifted their target price on shares of Microchip Technology from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 6th. Finally, BidaskClub cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, March 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $103.61.

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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 for Microchip Technology (NASDAQ:MCHP)

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