Schwartz Investment Counsel Inc Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Schwartz Investment Counsel Inc reduced its stake in Microchip Technology by 9.14% during the most recent quarter end. The investment management company now holds a total of 497,000 shares of Microchip Technology which is valued at $28,145,110 after selling 50,000 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Microchip Technology makes up approximately 1.95% of Schwartz Investment Counsel Inc’s portfolio.

Other Hedge Funds, Including , Edge Asset Management Inc boosted its stake in MCHP in the latest quarter, The investment management firm added 113,642 additional shares and now holds a total of 4,158,704 shares of Microchip Technology which is valued at $235,507,408. Microchip Technology makes up approx 2.03% of Edge Asset Management Inc’s portfolio. 10-15 Associates sold out all of its stake in MCHP during the most recent quarter. The investment firm sold 15,758 shares of MCHP which is valued $891,272.Rice Hall James Associates reduced its stake in MCHP by selling 877 shares or 1.82% in the most recent quarter. The Hedge Fund company now holds 47,403 shares of MCHP which is valued at $2,705,763. Microchip Technology makes up approx 0.15% of Rice Hall James Associates’s portfolio.Huntington National Bank reduced its stake in MCHP by selling 872 shares or 26.58% in the most recent quarter. The Hedge Fund company now holds 2,409 shares of MCHP which is valued at $137,506.

Microchip Technology opened for trading at $60.76 and hit $61 on the upside on Wednesday, eventually ending the session at $60.95, with a gain of 0.20% or 0.12 points. The heightened volatility saw the trading volume jump to 11,17,348 shares. Company has a market cap of $13,122 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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