Microchip Technology (NASDAQ: MCHP – Get Rating ) will release earnings data after the market close on Thursday, February 2. Analysts expect Microchip Technology to report earnings of $1.48 per share for the quarter. Microchip Technology has set its third-quarter 2023 EPS guidance of $1.54 to $1.56, with third-quarter guidance of $1.54 to $1.56 per share. Individuals interested in participating in the company’s earnings conference call may do so using this link.
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Microchip Technology (NASDAQ: MCHP – Get Rating ) last reported quarterly earnings data on Thursday, November 3rd. The semiconductor company reported earnings per share (EPS) of $1.39 for the quarter, beating analysts’ consensus estimate of $1.37 by $0.02. The company’s revenue for the quarter was $2.07 billion, compared with the consensus estimate of $2.06 billion. Microchip Technology has a return on equity of 47.90% and a net profit margin of 24.14%. On average, analysts expect Microchip Technology to post EPS of $6 in the current fiscal year and $6 in the next fiscal year.
Microchip Technology Stock Performance
Microchip Technology stock opened Thursday at $76.13. The company has a market capitalization of $41.87 billion, a P/E ratio of 23.28, a P/E 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 company’s 50-day moving average is $73.80 and its 200-day moving average is $68.47. Microchip Technology had a 52-week low of $54.33 and a 52-week high of $80.50.
Microchip Technology Increases Dividend
The company also recently declared a quarterly dividend, which is paid on Tuesday, December 6th. Investors of record on Tuesday, November 22 received a $0.328 dividend. The ex-dividend date is Monday, November 21. This was helped by Microchip Technology’s previous quarterly dividend of $0.30. This represents an annualized dividend of $1.31 and a dividend yield of 1.72%. Microchip Technology’s dividend payout ratio (DPR) currently stands at 40.06%.
Internal Activities at Microchip Technology
In related news, director Karlton D. Johnson sold 927 shares of Microchip Technology stock in a trade that occurred on Monday, November 7th. The stock has an average selling price of $64.54 and a total value of $59,828.58. Following the sale, the directors now directly own 1,369 shares of the company, worth $88,355.26. The transaction is disclosed in a filing with the U.S. Securities and Exchange Commission, which can be accessed at this link. Company insiders own 2.00% of the company.
Institutional deal for Microchip Technology
Many institutional investors have bought and sold the company’s shares recently. Panagora Asset Management increased its stake in Microchip Technology by 31.8% in the first quarter. Panagora Asset Management now owns 21,731 shares of the semiconductor company worth $1,633,000 after acquiring an additional 5,237 shares last quarter. Cibc World Markets increased its stake in Microchip Technology by 292.9% in the first quarter. Cibc World Markets now owns 44,324 shares of the semiconductor company worth $3,331,000 after acquiring an additional 33,044 shares last quarter. Vontober Holdings Ltd. increased its stake in Microchip Technology by 4.1 percent in the first quarter. Vontober Holdings Ltd now owns 29,572 shares of the semiconductor company worth $2,259,000 after acquiring an additional 1,159 shares last quarter. Sequoia Financial Advisors LLC increased its position in Microchip Technology stock by 34.1 percent during the first quarter. Sequoia Financial Advisors LLC now owns 4,455 shares of the semiconductor company worth $335,000 after buying an additional 1,133 shares during the period. Finally, Loomis Sayles & Co. LP boosted its Microchip Technology stock position by 1,272.4 percent during the first quarter. After Loomis Sayles & Co. purchased an additional 302,910 shares during that period, the LP now owns 326,717 shares of the semiconductor company’s stock, worth $24,550,000. 89.85% of the shares are currently held by hedge funds and other institutional investors.
Analyst promotion and downgrade
Many equity analysts have recently weighed in on the stock. Piper Sandler cut their price target on Microchip Technology from $100.00 to $80.00 and set an “overweight” rating on the company in a report on Friday, November 4th. UBS cut their price target on Microchip Technology from $100.00 to $90.00 in a research report on Friday, November 4th. Wells Fargo & Company cut their price target on 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 upped their price target on 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 first covered 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 issued a buy rating on the stock. According to MarketBeat, Microchip 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 markets 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; the 32-bit embedded microprocessor market; and Dedicated microcontrollers for connectivity and wireless connectivity applications.
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