Cordasco Financial Network Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Cordasco Financial Network reduced its stake in Microchip Technology by 22.29% during the most recent quarter end. The investment management company now holds a total of 29,609 shares of Microchip Technology which is valued at $1,438,701 after selling 8,494 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Apr 25, 2016.Microchip Technology makes up approximately 1.60% of Cordasco Financial Network’s portfolio.

Microchip Technology opened for trading at $48.86 and hit $49.43 on the upside on Monday, eventually ending the session at $49.35, with a gain of 1.56% or 0.76 points. The heightened volatility saw the trading volume jump to 17,13,699 shares. Company has a market cap of $10,043 M.

Other Hedge Funds, Including , Pggm Investments reduced its stake in MCHP by selling 6,044 shares or 0.9% in the most recent quarter. The Hedge Fund company now holds 663,361 shares of MCHP which is valued at $32,975,675. Microchip Technology makes up approx 0.18% of Pggm Investments’s portfolio.Benjamin F. Edwards Company boosted its stake in MCHP in the latest quarter, The investment management firm added 250 additional shares and now holds a total of 342 shares of Microchip Technology which is valued at $16,676.Bkd Wealth Advisors boosted its stake in MCHP in the latest quarter, The investment management firm added 3,049 additional shares and now holds a total of 33,577 shares of Microchip Technology which is valued at $1,637,215. Microchip Technology makes up approx 0.26% of Bkd Wealth Advisors’s portfolio.

On the company’s financial health, Microchip Technology reported $0.64 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Feb 3, 2016. Analyst had a consensus of $0.62. The company had revenue of $552.00 million for the quarter, compared to analysts expectations of $551.80 million. The company’s revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 EPS.

Many Wall Street Analysts have commented on Microchip Technology. Microchip Technology was Downgraded by Goldman to ” Sell” on Feb 3, 2016.

Microchip Technology Incorporated develops manufactures and sells specialized semiconductor products for a range of embedded control applications. The Company operates in segments including semiconductor products and technology licensing. The Company’s product portfolio consists of general purpose and specialized 8-bit 16-bit and 32-bit microcontrollers; linear mixed-signal power management; thermal management; Radio-frequency (RF) safety security wired connectivity and wireless connectivity devices as well as serial EEPROMs Serial Flash memories Parallel Flash memories and serial Static Random Access Memory (SRAM). The Company also licenses Flash-IP solutions that are incorporated in a range of products. The Company’s products are applicable in the automotive communications computing consumer and industrial control markets.

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