Assetmark Inc buys $14.5 Million stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Assetmark Inc scooped up 43,407 additional shares in Microchip Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 306,479 shares of Microchip Technology which is valued at $14.5 Million.Microchip Technology makes up approximately 0.25% of Assetmark Inc’s portfolio.

Other Hedge Funds, Including , Allianz Asset Management Ag boosted its stake in MCHP in the latest quarter, The investment management firm added 610,085 additional shares and now holds a total of 3,291,718 shares of Microchip Technology which is valued at $155.2 Million. Microchip Technology makes up approx 0.22% of Allianz Asset Management Ag’s portfolio.Park Avenue Institutional Advisers reduced its stake in MCHP by selling 36 shares or 2.74% in the most recent quarter. The Hedge Fund company now holds 1,280 shares of MCHP which is valued at $60,365. Microchip Technology makes up approx 0.05% of Park Avenue Institutional Advisers’s portfolio.Finemark National Bank Trust reduced its stake in MCHP by selling 7,397 shares or 76.95% in the most recent quarter. The Hedge Fund company now holds 2,216 shares of MCHP which is valued at $104,507. Microchip Technology makes up approx 0.01% of Finemark National Bank Trust’s portfolio.British Airways Pensions Investment Management Ltd boosted its stake in MCHP in the latest quarter, The investment management firm added 190,640 additional shares and now holds a total of 715,210 shares of Microchip Technology which is valued at $34.3 Million. Microchip Technology makes up approx 1.06% of British Airways Pensions Investment Management Ltd’s portfolio. Quantbot Technologies Lp added MCHP to its portfolio by purchasing 29,697 company shares during the most recent quarter which is valued at $1.4 Million. Microchip Technology makes up approx 0.23% of Quantbot Technologies Lp’s portfolio.

Microchip Technology opened for trading at $50.13 and hit $50.59 on the upside on Wednesday, eventually ending the session at $50.17, with a gain of 0.42% or 0.21 points. The heightened volatility saw the trading volume jump to 20,38,915 shares. Company has a market cap of $10,210 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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