Hittite Microwave Corp (HITT) New Position in Elliott Associates’ Equity Portfolio

Paul Singer‘s Elliott Associates has recently initiated a stake in Hittite Microwave Corp (NASDAQ:HITT), as a new filing with the SEC shows. Elliott has reported ownership of over 2.0 million shares of the company, the passive stake being equal to 6.4% of the company’s outstanding common stock. The stock of the $2.5 billion company has appreciated significantly over the past month, gaining more than 32%.

Paul Singer ELLIOTT MANAGEMENT

Hittite Microwave Corp (NASDAQ:HITT) is engaged in the design and development of various products for radio frequency microwave and millimeterwave applications, such as integrated circuits, modules, subsystems and instruments. At the beginning of June, the company has presented 27 of its new products related to Monolithic Microwave Integrated Circuit based solutions for communication and military markets, according to a statement.

For the first quarter of the year, Hittite Microwave Corp (NASDAQ:HITT) has reported earnings of $0.52 per share, below the last year result of $0.57 and slightly missing the analysts estimates. For the full 2014, the company is expected to post EPS of around $2.33, which is above the last year reported result of $2.28. The stock of the company trails a P/E of around 35.30, which is above the Integrated Circuits industry average of 28.00.

Investors overall, seem to be bullish on Hittite Microwave Corp (NASDAQ:HITT). Two of the funds that we track, Jim Simons‘ Renaissance Technologies and Ken Griffin‘s Citadel Investment Group have reported increased stakes in the company as of the end of March. Renaissance inched up its position by 8% to some 208,900 shares, while Citadel raised its exposure to the company by almost 60% to 161,300 shares. On the other hand, Clint Carlson‘s Carlson Capital has reduced its position in Hittite Microwave Corp (NASDAQ:HITT) by 30% to 203,100 shares.

The Technology sector amasses the largest portion of Elliott Associates equity portfolio. The fund’s largest stake, as of the end of the first quarter, is represented by Hess Corp. (NYSE:HES), of which the fund holds 17.3 million shares, reportedly worth $1.43 billion.

Disclosure: none

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

The 10 Biggest Tax Havens in the World to Stash Your Money

The 15 Most Murderous Countries in the World

10 Largest Colleges in the World: Bigger Isn’t Always Better

Comedians in Cars Getting Coffee: The 6 Comedians Seinfeld Needs to Interview

Easy Money: The 10 Most Successful Investors in the World Today

The 10 Most Deadly Diseases in the World Today

The 5 Most Expensive Luxury Motorhomes in the World

20 Largest Stock Exchanges in the World

6 Richest Painters In The World 2014

The 6 Countries with the Best Hospitals In The World

10 Largest Beer Brewing Companies in the World

The 10 Richest Fitness Gurus In the World to Pump You Up

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!