Aristotle Capital Management Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Aristotle Capital Management reduced its stake in Microchip Technology by 2.92% during the most recent quarter end. The investment management company now holds a total of 4,304,342 shares of Microchip Technology which is valued at $273,454,847 after selling 129,374 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Microchip Technology makes up approximately 2.78% of Aristotle Capital Management’s portfolio.

Other Hedge Funds, Including , Kayne Anderson Rudnick Investment Management boosted its stake in MCHP in the latest quarter, The investment management firm added 19,955 additional shares and now holds a total of 129,477 shares of Microchip Technology which is valued at $8,326,666. Microchip Technology makes up approx 0.11% of Kayne Anderson Rudnick Investment Management’s portfolio.Tiaa Cref Investment Management reduced its stake in MCHP by selling 142,949 shares or 14.74% in the most recent quarter. The Hedge Fund company now holds 827,082 shares of MCHP which is valued at $51,469,313. Microchip Technology makes up approx 0.04% of Tiaa Cref Investment Management’s portfolio.Blackrock Fund Advisors reduced its stake in MCHP by selling 167,945 shares or 4.02% in the most recent quarter. The Hedge Fund company now holds 4,009,569 shares of MCHP which is valued at $249,515,479. Microchip Technology makes up approx 0.05% of Blackrock Fund Advisors’s portfolio.First Citizens Bank Trust Co reduced its stake in MCHP by selling 9,033 shares or 29.83% in the most recent quarter. The Hedge Fund company now holds 21,248 shares of MCHP which is valued at $1,286,566. Microchip Technology makes up approx 0.12% of First Citizens Bank Trust Co’s portfolio.

Microchip Technology closed down -0.88 points or -1.34% at $64.57 with 30,68,394 shares getting traded on Monday. Post opening the session at $65.16, the shares hit an intraday low of $64.26 and an intraday high of $65.45 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Microchip Technology reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Nov 7, 2016. Analyst had a consensus of $0.87. The company had revenue of $873.80 million for the quarter, compared to analysts expectations of $861.40 million. The company’s revenue was up 56.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 EPS.

Many Wall Street Analysts have commented on Microchip Technology. Microchip Technology was Upgraded by BofA/Merrill to ” Buy” on Nov 8, 2016. Company shares were Reiterated by Needham on Nov 8, 2016 to “Buy”, Firm has raised the Price Target to $ 75 from a previous price target of $70 .Microchip Technology was Upgraded by Goldman to ” Neutral” on Nov 4, 2016.

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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