Q3 2020 Earnings Estimate for Microchip Technology Inc. (NASDAQ:MCHP) Issued By KeyCorp

Microchip Technology Inc. (NASDAQ:MCHP) – Analysts at KeyCorp lowered their Q3 2020 EPS estimates for Microchip Technology in a note issued to investors on Tuesday, November 5th. KeyCorp analyst J. Vinh now anticipates that the semiconductor company will earn $1.10 per share for the quarter, down from their prior estimate of $1.29. KeyCorp also issued estimates for Microchip Technology’s Q4 2020 earnings at $1.14 EPS.

MCHP has been the subject of a number of other research reports. Jefferies Financial Group upped their price objective on shares of Microchip Technology from $104.00 to $119.00 and gave the company a “buy” rating in a research note on Wednesday. Cowen dropped their price objective on shares of Microchip Technology from $90.00 to $89.00 and set a “market perform” rating for the company in a research note on Wednesday. Wells Fargo & Co dropped their price objective on shares of Microchip Technology from $115.00 to $110.00 and set an “outperform” rating for the company in a research note on Wednesday. Raymond James raised shares of Microchip Technology from a “market perform” rating to a “strong-buy” rating and set a $115.00 price objective for the company in a research note on Wednesday, October 30th. Finally, Cfra set a $100.00 price objective on shares of Microchip Technology and gave the company a “hold” rating in a research note on Saturday, September 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Microchip Technology presently has a consensus rating of “Buy” and an average price target of $105.66.

Shares of NASDAQ MCHP opened at $96.21 on Friday. Microchip Technology has a one year low of $65.67 and a one year high of $101.57. The company’s fifty day moving average is $94.12 and its two-hundred day moving average is $90.20. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.63 and a current ratio of 0.93. The firm has a market capitalization of $23.81 billion, a P/E ratio of 15.82, a PEG ratio of 1.83 and a beta of 1.44.

Microchip Technology (NASDAQ:MCHP) last issued its earnings results on Tuesday, November 5th. The semiconductor company reported $1.43 EPS for the quarter, topping the consensus estimate of $1.30 by $0.13. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Microchip Technology had a net margin of 7.15% and a return on equity of 25.74%. The business’s revenue was down 6.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.81 EPS.

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.366 per share. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date is Wednesday, November 20th. Microchip Technology’s payout ratio is currently 24.01%.

In other news, VP Richard J. Simoncic sold 3,437 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total transaction of $304,518.20. Following the completion of the sale, the vice president now owns 18,178 shares in the company, valued at approximately $1,610,570.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Eric Bjornholt sold 1,937 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $88.60, for a total value of $171,618.20. The disclosure for this sale can be found here. 2.21% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the company. Rational Advisors LLC grew its holdings in shares of Microchip Technology by 732.4% during the 3rd quarter. Rational Advisors LLC now owns 591 shares of the semiconductor company’s stock worth $55,000 after purchasing an additional 520 shares during the period. Corient Capital Partners LLC grew its holdings in shares of Microchip Technology by 8.1% during the 3rd quarter. Corient Capital Partners LLC now owns 19,706 shares of the semiconductor company’s stock worth $1,830,000 after purchasing an additional 1,478 shares during the period. D.A. Davidson & CO. grew its holdings in shares of Microchip Technology by 8.4% during the 3rd quarter. D.A. Davidson & CO. now owns 3,045 shares of the semiconductor company’s stock worth $283,000 after purchasing an additional 236 shares during the period. AE Wealth Management LLC grew its holdings in shares of Microchip Technology by 39.1% during the 3rd quarter. AE Wealth Management LLC now owns 5,991 shares of the semiconductor company’s stock worth $557,000 after purchasing an additional 1,685 shares during the period. Finally, First Long Island Investors LLC grew its holdings in shares of Microchip Technology by 0.3% during the 3rd quarter. First Long Island Investors LLC now owns 85,904 shares of the semiconductor company’s stock worth $7,981,000 after purchasing an additional 264 shares during the period.

About Microchip Technology

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 and Estimates for Microchip Technology (NASDAQ:MCHP)

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