Tig Advisors Exits Position in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Tig Advisors 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 290,310 shares of Microchip Technology which is valued at $17,566,658.

Other Hedge Funds, Including , Korea Investment Corp boosted its stake in MCHP in the latest quarter, The investment management firm added 61,600 additional shares and now holds a total of 533,500 shares of Microchip Technology which is valued at $32,282,085. Microchip Technology makes up approx 0.18% of Korea Investment Corp’s portfolio.State Treasurer State Of Michigan boosted its stake in MCHP in the latest quarter, The investment management firm added 599 additional shares and now holds a total of 74,648 shares of Microchip Technology which is valued at $4,130,274. Microchip Technology makes up approx 0.03% of State Treasurer State Of Michigan’s portfolio.Miller Howard Investments Inc Ny reduced its stake in MCHP by selling 59,727 shares or 3.97% in the most recent quarter. The Hedge Fund company now holds 1,444,343 shares of MCHP which is valued at $78,240,060. Microchip Technology makes up approx 1.37% of Miller Howard Investments Inc Ny’s portfolio.

Microchip Technology closed down -1.49 points or -2.39% at $60.78 with 5,061,084 shares getting traded on Wednesday. Post opening the session at $61.48, the shares hit an intraday low of $60.55 and an intraday high of $61.86 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

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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