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 Click to see monthly returns in table format!

Lists

The 10 Most Expensive States to Own a Car In

Top 10 Business Schools in US: 2014 Rankings

Top 20 Female Billionaires in 2014

6 Movies That You Should Watch to Better Understand The Cold War

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

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!