Rmb Capital Management Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Rmb Capital Management reduced its stake in Microchip Technology by 4.18% during the most recent quarter end. The investment management company now holds a total of 226,265 shares of Microchip Technology which is valued at $12,519,242 after selling 9,872 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Aug 3, 2016.Microchip Technology makes up approximately 0.86% of Rmb Capital Management’s portfolio.

Other Hedge Funds, Including , 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.Boston Private Wealth reduced its stake in MCHP by selling 4,088 shares or 2.11% in the most recent quarter. The Hedge Fund company now holds 189,579 shares of MCHP which is valued at $10,489,406. Microchip Technology makes up approx 0.42% of Boston Private Wealth’s portfolio.Signaturefd boosted its stake in MCHP in the latest quarter, The investment management firm added 57 additional shares and now holds a total of 564 shares of Microchip Technology which is valued at $31,381.State Of Alaska Department Of Revenue reduced its stake in MCHP by selling 1,890 shares or 10.01% in the most recent quarter. The Hedge Fund company now holds 17,000 shares of MCHP which is valued at $923,780. Microchip Technology makes up approx 0.09% of State Of Alaska Department Of Revenue’s portfolio.Crestpoint Capital Management reduced its stake in MCHP by selling 1,000 shares or 7.19% in the most recent quarter. The Hedge Fund company now holds 12,900 shares of MCHP which is valued at $697,116. Microchip Technology makes up approx 0.36% of Crestpoint Capital Management’s portfolio.

Microchip Technology opened for trading at $56.6 and hit $57.13 on the upside on Monday, eventually ending the session at $56.63, with a gain of 0.12% or 0.07 points. The heightened volatility saw the trading volume jump to 19,53,194 shares. Company has a market cap of $12,165 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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