Rench Wealth Management Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Rench Wealth Management reduced its stake in Microchip Technology by 1.11% during the most recent quarter end. The investment management company now holds a total of 86,386 shares of Microchip Technology which is valued at $4.1 Million after selling 970 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on May 12, 2016.Microchip Technology makes up approximately 3.42% of Rench Wealth Management’s portfolio.

Other Hedge Funds, Including , Zacks Investment Management added MCHP to its portfolio by purchasing 252,193 company shares during the most recent quarter which is valued at $11.9 Million. Microchip Technology makes up approx 0.38% of Zacks Investment Management’s portfolio.Blackrock Institutional Trust Company N.a. boosted its stake in MCHP in the latest quarter, The investment management firm added 25,607 additional shares and now holds a total of 5,467,408 shares of Microchip Technology which is valued at $257.8 Million. Microchip Technology makes up approx 0.04% of Blackrock Institutional Trust Company N.a.’s portfolio.Hudson Bay Capital Management Lp boosted its stake in MCHP in the latest quarter, The investment management firm added 6,518 additional shares and now holds a total of 32,690 shares of Microchip Technology which is valued at $1.5 Million. Microchip Technology makes up approx 0.21% of Hudson Bay Capital Management Lp’s portfolio.Ibm Retirement Fund reduced its stake in MCHP by selling 27,929 shares or 52.26% in the most recent quarter. The Hedge Fund company now holds 25,514 shares of MCHP which is valued at $1.2 Million. Microchip Technology makes up approx 0.05% of Ibm Retirement Fund’s portfolio.Mitsubishi Ufj Kokusai Asset Management Ltd. boosted its stake in MCHP in the latest quarter, The investment management firm added 10,102 additional shares and now holds a total of 38,778 shares of Microchip Technology which is valued at $1.9 Million. Microchip Technology makes up approx 0.05% of Mitsubishi Ufj Kokusai Asset Management Ltd.’s portfolio.

Microchip Technology opened for trading at $47.92 and hit $49.02 on the upside on Friday, eventually ending the session at $48.82, with a gain of 2.48% or 1.18 points. The heightened volatility saw the trading volume jump to 17,49,144 shares. Company has a market cap of $10,435,666 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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