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%.


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

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