Microchip Technology (NASDAQ:MCHP) Issues Q1 Earnings Guidance

Microchip Technology (NASDAQ:MCHPGet Rating) updated its first quarter earnings guidance on Monday. The company provided EPS guidance of $1.32-$1.36 for the period, compared to the consensus EPS estimate of $1.28. The company issued revenue guidance of $1.918-$1.992 billion, compared to the consensus revenue estimate of $1.86 billion.Microchip Technology also updated its Q1 2023 guidance to $1.32-$1.36 EPS.

A number of brokerages recently issued reports on MCHP. StockNews.com downgraded Microchip Technology from a buy rating to a hold rating in a research note on Monday. Susquehanna reiterated a buy rating and set a $100.00 price objective on shares of Microchip Technology in a research note on Friday, February 4th. Bank of America cut their price objective on Microchip Technology from $100.00 to $92.00 and set a buy rating for the company in a research note on Friday, February 4th. Wells Fargo & Company lowered their price target on Microchip Technology from $80.00 to $70.00 in a report on Tuesday. Finally, Truist Financial lowered their price target on Microchip Technology from $94.00 to $79.00 and set a buy rating on the stock in a report on Friday, April 8th. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of Buy and a consensus price target of $93.81.

MCHP stock traded up $2.94 during trading on Tuesday, reaching $67.25. 144,008 shares of the company traded hands, compared to its average volume of 5,153,916. Microchip Technology has a 12 month low of $63.34 and a 12 month high of $90.00. The business has a 50 day simple moving average of $70.23 and a 200 day simple moving average of $76.75. The company has a market capitalization of $37.39 billion, a price-to-earnings ratio of 39.40, a price-to-earnings-growth ratio of 0.68 and a beta of 1.56. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.18 and a current ratio of 1.81.

Microchip Technology (NASDAQ:MCHPGet Rating) last issued its quarterly earnings data on Monday, May 9th. The semiconductor company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.10. Microchip Technology had a return on equity of 38.44% and a net margin of 14.95%. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the company earned $0.82 earnings per share. The firm’s revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, research analysts forecast that Microchip Technology will post 4.18 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 3rd. Investors of record on Friday, May 20th will be given a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.64%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.25. Microchip Technology’s dividend payout ratio (DPR) is presently 59.41%.

In other Microchip Technology news, VP Mitchell R. Little sold 3,613 shares of the stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $70.93, for a total value of $256,270.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew W. Chapman sold 1,000 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $70.93, for a total value of $70,930.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,498 shares of company stock worth $460,903. 2.03% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. KB Financial Partners LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $59,000. Carroll Investors Inc purchased a new position in shares of Microchip Technology in the fourth quarter worth about $61,000. Flagship Harbor Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $228,000. Integrated Wealth Concepts LLC raised its stake in shares of Microchip Technology by 100.3% in the fourth quarter. Integrated Wealth Concepts LLC now owns 2,927 shares of the semiconductor company’s stock worth $255,000 after purchasing an additional 1,466 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Microchip Technology in the fourth quarter worth about $289,000. Institutional investors own 89.36% of the company’s stock.

About Microchip Technology (Get Rating)

Microchip Technology Incorporated develops, manufactures, and sells semiconductor products for various embedded control applications in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded microprocessors markets; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.

See Also

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

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