Shamrock Asset Management Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Shamrock Asset Management reduced its stake in Microchip Technology by 1.79% during the most recent quarter end. The investment management company now holds a total of 14,736 shares of Microchip Technology which is valued at $891,675 after selling 269 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Aug 12, 2016.Microchip Technology makes up approximately 0.51% of Shamrock Asset Management’s portfolio.

Other Hedge Funds, Including , Winton Capital Group Ltd reduced its stake in MCHP by selling 138,906 shares or 35.29% in the most recent quarter. The Hedge Fund company now holds 254,682 shares of MCHP which is valued at $15,410,808. Microchip Technology makes up approx 0.24% of Winton Capital Group Ltd’s portfolio.Acrospire Investment Management boosted its stake in MCHP in the latest quarter, The investment management firm added 459 additional shares and now holds a total of 927 shares of Microchip Technology which is valued at $52,496. Microchip Technology makes up approx 0.04% of Acrospire Investment Management’s portfolio. Tradelink Capital added MCHP to its portfolio by purchasing 4,188 company shares during the most recent quarter which is valued at $231,722. Microchip Technology makes up approx 1.07% of Tradelink Capital’s portfolio.Greenleaf Trust reduced its stake in MCHP by selling 1,750 shares or 8.71% in the most recent quarter. The Hedge Fund company now holds 18,350 shares of MCHP which is valued at $1,020,994. Microchip Technology makes up approx 0.03% of Greenleaf Trust’s portfolio.Cordasco Financial Network reduced its stake in MCHP by selling 750 shares or 2.53% in the most recent quarter. The Hedge Fund company now holds 28,859 shares of MCHP which is valued at $1,647,272. Microchip Technology makes up approx 1.84% of Cordasco Financial Network’s portfolio.

Microchip Technology opened for trading at $61.67 and hit $62 on the upside on Monday, eventually ending the session at $61.6, with a gain of 0.03% or 0.02 points. The heightened volatility saw the trading volume jump to 11,16,409 shares. Company has a market cap of $13,262 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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