Bennicas Associates Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Bennicas Associates reduced its stake in Microchip Technology by 0.5% during the most recent quarter end. The investment management company now holds a total of 39,750 shares of Microchip Technology which is valued at $2,160,015 after selling 200 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Jul 19, 2016.Microchip Technology makes up approximately 1.90% of Bennicas Associates’s portfolio.

Other Hedge Funds, Including , Eagle Asset Management Inc reduced its stake in MCHP by selling 124,639 shares or 18.72% in the most recent quarter. The Hedge Fund company now holds 541,061 shares of MCHP which is valued at $29,401,255. Microchip Technology makes up approx 0.20% of Eagle Asset Management Inc’s portfolio. Gierl Augustine Investment Management Inc sold out all of its stake in MCHP during the most recent quarter. The investment firm sold 24 shares of MCHP which is valued $1,278. Cutler Group Lp sold out all of its stake in MCHP during the most recent quarter. The investment firm sold 1,787 shares of MCHP which is valued $95,158.Creative Planning boosted its stake in MCHP in the latest quarter, The investment management firm added 146 additional shares and now holds a total of 3,079 shares of Microchip Technology which is valued at $163,957.

Microchip Technology opened for trading at $53.95 and hit $54.52 on the upside on Wednesday, eventually ending the session at $54.34, with a gain of 1.17% or 0.63 points. The heightened volatility saw the trading volume jump to 14,90,646 shares. Company has a market cap of $11,673 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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