Bennicas Associates Lowers stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Bennicas Associates reduced its stake in Microchip Technology by 2.26% during the most recent quarter end. The investment management company now holds a total of 38,850 shares of Microchip Technology which is valued at $2,292,150 after selling 900 shares in Microchip Technology , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.Microchip Technology makes up approximately 2.17% of Bennicas Associates’s portfolio.

Other Hedge Funds, Including , Howe Rusling Inc boosted its stake in MCHP in the latest quarter, The investment management firm added 200 additional shares and now holds a total of 344 shares of Microchip Technology which is valued at $20,296.Fenimore Asset Management Inc boosted its stake in MCHP in the latest quarter, The investment management firm added 7,850 additional shares and now holds a total of 901,115 shares of Microchip Technology which is valued at $53,787,554. Microchip Technology makes up approx 2.63% of Fenimore Asset Management Inc’s portfolio.Canandaigua National Bank Trust Co boosted its stake in MCHP in the latest quarter, The investment management firm added 45 additional shares and now holds a total of 11,400 shares of Microchip Technology which is valued at $680,466. Microchip Technology makes up approx 0.20% of Canandaigua National Bank Trust Co’s portfolio.Ct Mason reduced its stake in MCHP by selling 24,030 shares or 24.14% in the most recent quarter. The Hedge Fund company now holds 75,531 shares of MCHP which is valued at $4,691,986. Microchip Technology makes up approx 2.08% of Ct Mason’s portfolio.

Microchip Technology opened for trading at $58.78 and hit $59.74 on the upside on Friday, eventually ending the session at $59, with a gain of 1.01% or 0.59 points. The heightened volatility saw the trading volume jump to 20,29,392 shares. Company has a market cap of $12,702 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. 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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