Edge Asset Management Inc buys $235,507,408 stake in Microchip Technology (MCHP)

Microchip Technology (MCHP) : Edge Asset Management Inc scooped up 113,642 additional shares in Microchip Technology during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 9, 2016. The investment management firm now holds a total of 4,158,704 shares of Microchip Technology which is valued at $235,507,408.Microchip Technology makes up approximately 2.03% of Edge Asset Management Inc’s portfolio.

Other Hedge Funds, Including , Acrospire Investment Management boosted its stake in MCHP in the latest quarter, The investment management firm added 459 additional shares and now holds a total of 927 shares of Microchip Technology which is valued at $52,496. Microchip Technology makes up approx 0.04% of Acrospire Investment Management’s portfolio.Geneva Advisors reduced its stake in MCHP by selling 78,645 shares or 7.09% in the most recent quarter. The Hedge Fund company now holds 1,030,764 shares of MCHP which is valued at $62,639,528. Microchip Technology makes up approx 1.20% of Geneva Advisors’s portfolio.Mizuho Trust Banking Ltd. boosted its stake in MCHP in the latest quarter, The investment management firm added 15,286 additional shares and now holds a total of 358,493 shares of Microchip Technology which is valued at $19,835,418. Microchip Technology makes up approx 0.06% of Mizuho Trust Banking Ltd.’s portfolio.Lodestar Investment Counselil reduced its stake in MCHP by selling 650 shares or 10.17% in the most recent quarter. The Hedge Fund company now holds 5,742 shares of MCHP which is valued at $310,298. Microchip Technology makes up approx 0.04% of Lodestar Investment Counselil’s portfolio.

Microchip Technology opened for trading at $60.76 and hit $61 on the upside on Wednesday, eventually ending the session at $60.95, with a gain of 0.20% or 0.12 points. The heightened volatility saw the trading volume jump to 11,17,348 shares. Company has a market cap of $13,122 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 .Credit Agricole Initiated Microchip Technology on May 17, 2016 to “Buy”, Price Target of the shares are set at $58.

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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