Ct Mason Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Ct Mason reduced its stake in Microchip Technology by 24.14% during the most recent quarter end. The investment management company now holds a total of 75,531 shares of Microchip Technology which is valued at $4,691,986 after selling 24,030 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Oct 4, 2016.Microchip Technology makes up approximately 2.08% of Ct Mason’s portfolio.

Other Hedge Funds, Including , Washington Trust Bank boosted its stake in MCHP in the latest quarter, The investment management firm added 25 additional shares and now holds a total of 1,205 shares of Microchip Technology which is valued at $74,855. Microchip Technology makes up approx 0.02% of Washington Trust Bank’s portfolio.Cullinan Associates Inc reduced its stake in MCHP by selling 7,200 shares or 34.04% in the most recent quarter. The Hedge Fund company now holds 13,950 shares of MCHP which is valued at $866,574. Microchip Technology makes up approx 0.07% of Cullinan Associates Inc’s portfolio.

Microchip Technology closed down -0.5 points or -0.81% at $61.32 with 12,82,258 shares getting traded on Tuesday. Post opening the session at $61.78, the shares hit an intraday low of $61.12 and an intraday high of $62.2 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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. Mizuho Initiated Microchip Technology on Sep 30, 2016 to “Neutral”, Price Target of the shares are set at $67.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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