Assetmark Inc buys $20,075,795 stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Assetmark Inc scooped up 23,878 additional shares in Microchip Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 8, 2016. The investment management firm now holds a total of 330,357 shares of Microchip Technology which is valued at $20,075,795.Microchip Technology makes up approximately 0.33% of Assetmark Inc’s portfolio.

Other Hedge Funds, Including , Mufg Americas Holdings Corp boosted its stake in MCHP in the latest quarter, The investment management firm added 940 additional shares and now holds a total of 63,263 shares of Microchip Technology which is valued at $3,844,493. Microchip Technology makes up approx 0.13% of Mufg Americas Holdings Corp’s portfolio.Great West Life Assurance Co Can boosted its stake in MCHP in the latest quarter, The investment management firm added 41,541 additional shares and now holds a total of 207,377 shares of Microchip Technology which is valued at $11,474,169. Microchip Technology makes up approx 0.03% of Great West Life Assurance Co Can’s portfolio.Mizuho Trust Banking Ltd. boosted its stake in MCHP in the latest quarter, The investment management firm added 15,286 additional shares and now holds a total of 358,493 shares of Microchip Technology which is valued at $19,835,418. Microchip Technology makes up approx 0.06% of Mizuho Trust Banking Ltd.’s portfolio. Gavekal Capital added MCHP to its portfolio by purchasing 172,904 company shares during the most recent quarter which is valued at $9,366,210. Microchip Technology makes up approx 2.78% of Gavekal Capital’s portfolio.

Microchip Technology opened for trading at $60.78 and hit $61.27 on the upside on Monday, eventually ending the session at $61.21, with a gain of 1.16% or 0.7 points. The heightened volatility saw the trading volume jump to 23,75,692 shares. Company has a market cap of $13,178 M.

On the company’s financial health, Microchip Technology reported $0.84 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Aug 8, 2016. Analyst had a consensus of $0.75. The company had revenue of $844.00 million for the quarter, compared to analysts expectations of $821.32 million. The company’s revenue was up 58.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.69 EPS.

Many Wall Street Analysts have commented on Microchip Technology. Company shares were Reiterated by Needham on Aug 9, 2016 to “Buy”, Firm has raised the Price Target to $ 70 from a previous price target of $60 .Company shares were Reiterated by Stifel on Aug 9, 2016 to “Buy”, Firm has raised the Price Target to $ 64 from a previous price target of $60 .Credit Agricole Initiated Microchip Technology on May 17, 2016 to “Buy”, Price Target of the shares are set at $58.

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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