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

Onyx Bridge Wealth Group LLC acquired a new stake in shares of Microchip Technology Incorporated (NASDAQ:MCHP) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,544 shares of the semiconductor company’s stock, valued at approximately $229,000.

A number of other hedge funds also recently bought and sold shares of the company. Horizon Bancorp Inc. IN bought a new stake in Microchip Technology in the fourth quarter worth $110,000. Rockline Wealth Management LLC purchased a new stake in Microchip Technology during the 4th quarter valued at about $4,449,000. 17 Capital Partners LLC bought a new position in Microchip Technology during the 4th quarter worth approximately $1,827,000. AIA Group Ltd increased its stake in Microchip Technology by 80.4% in the 4th quarter. AIA Group Ltd now owns 29,910 shares of the semiconductor company’s stock worth $2,697,000 after purchasing an additional 13,326 shares during the period. Finally, GAM Holding AG increased its stake in Microchip Technology by 13.9% in the 4th quarter. GAM Holding AG now owns 145,575 shares of the semiconductor company’s stock worth $13,128,000 after purchasing an additional 17,776 shares during the period. Institutional investors own 91.51% of the company’s stock.

Microchip Technology Stock Performance

NASDAQ MCHP traded down $2.53 during trading hours on Friday, reaching $81.68. The stock had a trading volume of 6,912,273 shares, 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 debt-to-equity ratio of 0.57, a quick ratio of 0.58 and a current ratio of 0.98. The stock has a market cap of $44.14 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 2.57 and a beta of 1.65. The stock has a fifty day moving average of $86.50 and a 200 day moving average of $84.27.

Microchip Technology (NASDAQ:MCHP) last released its quarterly earnings data on Thursday, February 1st. The semiconductor company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.77 billion. Microchip Technology had a net margin of 27.59% and a return on equity of 45.59%. The business’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.48 earnings per share. Sell-side analysts predict that Microchip Technology Incorporated will post 4.64 earnings per share for the current year.

Microchip Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 8th. Stockholders of record on Friday, February 23rd were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Thursday, February 22nd. This is a boost from Microchip Technology’s previous quarterly dividend of $0.44. Microchip Technology’s payout ratio is 42.06%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

MCHP has been the topic of several analyst reports. 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. Piper Sandler downgraded Microchip Technology from an “overweight” rating to a “neutral” rating and set a $80.00 target price for the company. in a research report on Thursday, January 4th. StockNews.com cut shares of Microchip Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 29th. Truist Financial lowered their target price on Microchip Technology from $97.00 to $93.00 and set a “buy” rating for the company in a report on Tuesday, January 9th. Finally, Evercore ISI started coverage on Microchip Technology in a report on Tuesday. They issued an “outperform” rating and a $106.00 price target on the stock. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.50.

Microchip Technology Company 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.