Burren Capital Advisors Ltd Exits Position in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Burren Capital Advisors Ltd has sold out all of its stake in Microchip Technology during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 357 shares of Microchip Technology which is valued at $21,602.

Other Hedge Funds, Including , Millrace Asset Group sold out all of its stake in MCHP during the most recent quarter. The investment firm sold 28,492 shares of MCHP which is valued $1,724,051. Citadel Advisors sold out all of its stake in MCHP during the most recent quarter. The investment firm sold 55,549 shares of MCHP which is valued $3,361,270.Wesbanco Bank Inc reduced its stake in MCHP by selling 300 shares or 1.23% in the most recent quarter. The Hedge Fund company now holds 24,000 shares of MCHP which is valued at $1,458,480. Microchip Technology makes up approx 0.08% of Wesbanco Bank Inc’s portfolio.New York State Teachers Retirement System boosted its stake in MCHP in the latest quarter, The investment management firm added 1,063 additional shares and now holds a total of 355,626 shares of Microchip Technology which is valued at $19,264,260. Microchip Technology makes up approx 0.05% of New York State Teachers Retirement System’s portfolio.

Microchip Technology opened for trading at $62.1 and hit $62.8 on the upside on Thursday, eventually ending the session at $62.8, with a gain of 1.44% or 0.89 points. The heightened volatility saw the trading volume jump to 34,13,443 shares. Company has a market cap of $13,520 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 .

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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