Wellesley Investment Partners buys $665,852 stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Wellesley Investment Partners scooped up 817 additional shares in Microchip Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 14,119 shares of Microchip Technology which is valued at $665,852.Microchip Technology makes up approximately 0.40% of Wellesley Investment Partners’s portfolio.

Other Hedge Funds, Including , Amalgamated Bank boosted its stake in MCHP in the latest quarter, The investment management firm added 2,072 additional shares and now holds a total of 9,487 shares of Microchip Technology which is valued at $447,407. Microchip Technology makes up approx 0.04% of Amalgamated Bank’s portfolio.Wrapmanager Inc reduced its stake in MCHP by selling 22 shares or 0.46% in the most recent quarter. The Hedge Fund company now holds 4,764 shares of MCHP which is valued at $224,670. Microchip Technology makes up approx 0.10% of Wrapmanager Inc’s portfolio.Advantus Capital Management Inc boosted its stake in MCHP in the latest quarter, The investment management firm added 107 additional shares and now holds a total of 21,104 shares of Microchip Technology which is valued at $995,265. Microchip Technology makes up approx 0.03% of Advantus Capital Management Inc’s portfolio.Nelson Van Denburg Campbell Wealth Management Group boosted its stake in MCHP in the latest quarter, The investment management firm added 85 additional shares and now holds a total of 330 shares of Microchip Technology which is valued at $16,035. Microchip Technology makes up approx 0.01% of Nelson Van Denburg Campbell Wealth Management Group’s portfolio.

Microchip Technology opened for trading at $47.15 and hit $48.35 on the upside on Monday, eventually ending the session at $47.95, with a gain of 1.68% or 0.79 points. The heightened volatility saw the trading volume jump to 16,70,078 shares. Company has a market cap of $9,758 M.

On the company’s financial health, Microchip Technology reported $0.70 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 4, 2016. Analyst had a consensus of $0.68. The company had revenue of $568.44 million for the quarter, compared to analysts expectations of $563.61 million. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.

Many Wall Street Analysts have commented on Microchip Technology. Credit Agricole Initiated Microchip Technology on May 17, 2016 to “Buy”, Price Target of the shares are set at $58.Company shares were Reiterated by Stifel on May 5, 2016 to “Buy”, Firm has raised the Price Target to $ 60 from a previous price target of $54 .

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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