Onyx Bridge Wealth Group LLC Takes $229,000 Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Onyx Bridge Wealth Group LLC purchased a new position in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,544 shares of the semiconductor company’s stock, valued at approximately $229,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCHP. Wetzel Investment Advisors Inc. bought a new stake in shares of Microchip Technology during the fourth quarter valued at approximately $124,000. Greenleaf Trust boosted its position in Microchip Technology by 2.4% in the 4th quarter. Greenleaf Trust now owns 31,499 shares of the semiconductor company’s stock valued at $2,841,000 after buying an additional 729 shares during the last quarter. Fidelis Capital Partners LLC increased its stake in shares of Microchip Technology by 16.7% in the 4th quarter. Fidelis Capital Partners LLC now owns 4,883 shares of the semiconductor company’s stock valued at $440,000 after buying an additional 697 shares during the period. AIA Group Ltd raised its position in shares of Microchip Technology by 80.4% during the fourth quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after acquiring an additional 13,326 shares during the last quarter. Finally, Waterfront Wealth Inc. lifted its stake in shares of Microchip Technology by 1.7% during the fourth quarter. Waterfront Wealth Inc. now owns 12,081 shares of the semiconductor company’s stock valued at $1,089,000 after acquiring an additional 203 shares during the period. Institutional investors and hedge funds own 91.51% of the company’s stock.

Microchip Technology Price Performance

MCHP stock traded down $2.53 during midday trading on Friday, reaching $81.68. 6,912,273 shares of the stock were exchanged, compared to its average volume of 4,081,499. Microchip Technology Incorporated has a 52 week low of $68.75 and a 52 week high of $94.30. The company has a fifty day moving average price of $86.50 and a 200 day moving average price of $84.27. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.98 and a quick ratio of 0.58. The stock has a market capitalization of $44.14 billion, a PE ratio of 19.08, a P/E/G ratio of 2.57 and a beta of 1.65.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings results on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Microchip Technology had a return on equity of 45.59% and a net margin of 27.59%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period in the previous year, the business posted $1.48 earnings per share. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. As a group, analysts expect that Microchip Technology Incorporated will post 4.64 EPS for the current fiscal year.

Microchip Technology Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $1.80 annualized dividend and a dividend yield of 2.20%. This is an increase from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s dividend payout ratio (DPR) is presently 42.06%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MCHP shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $100.00 target price on shares of Microchip Technology in a research note on Tuesday, January 30th. Truist Financial cut their price target on Microchip Technology from $97.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, January 9th. Evercore ISI initiated coverage on shares of Microchip Technology in a research note on Tuesday. They set an “outperform” rating and a $106.00 price objective on the stock. TD Cowen boosted their target price on Microchip Technology from $75.00 to $80.00 and gave the company a “market perform” rating in a research note on Friday, February 2nd. Finally, StockNews.com cut Microchip Technology from a “buy” rating to a “hold” rating in a research note on Friday, December 29th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.50.

Insider Transactions at Microchip Technology

In related news, Director Karlton D. Johnson sold 370 shares of the stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $84.00, for a total value of $31,080.00. Following the completion of the sale, the director now directly owns 1,789 shares in the company, valued at $150,276. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO James Eric Bjornholt sold 1,970 shares of the company’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $83.90, for a total transaction of $165,283.00. Following the sale, the chief financial officer now owns 32,893 shares in the company, valued at approximately $2,759,722.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karlton D. Johnson sold 370 shares of Microchip Technology stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $84.00, for a total transaction of $31,080.00. Following the completion of the sale, the director now owns 1,789 shares of the company’s stock, valued at approximately $150,276. The disclosure for this sale can be found here. 2.07% of the stock is owned by company insiders.

Microchip Technology Profile

Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.