Abound Financial LLC Buys New Position in Micron Technology, Inc. $MU

Abound Financial LLC bought a new stake in Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, HoldingsChannel reports. The fund bought 1,612 shares of the semiconductor manufacturer’s stock, valued at approximately $460,000.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Micron Technology by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 106,608,094 shares of the semiconductor manufacturer’s stock valued at $30,427,016,000 after purchasing an additional 1,954,644 shares during the period. State Street Corp lifted its position in Micron Technology by 2.1% during the 4th quarter. State Street Corp now owns 52,749,817 shares of the semiconductor manufacturer’s stock worth $15,061,310,000 after acquiring an additional 1,090,644 shares during the period. Capital International Investors lifted its position in Micron Technology by 0.7% during the 3rd quarter. Capital International Investors now owns 23,372,821 shares of the semiconductor manufacturer’s stock worth $3,910,198,000 after acquiring an additional 155,860 shares during the period. Norges Bank acquired a new stake in Micron Technology during the 4th quarter worth approximately $6,433,456,000. Finally, Morgan Stanley lifted its position in Micron Technology by 5.1% during the 4th quarter. Morgan Stanley now owns 16,396,655 shares of the semiconductor manufacturer’s stock worth $4,679,771,000 after acquiring an additional 794,289 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Micron Technology

In related news, Director Steven J. Gomo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $787.03, for a total value of $1,574,060.00. Following the completion of the transaction, the director directly owned 17,139 shares of the company’s stock, valued at $13,488,907.17. This trade represents a 10.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP April S. Arnzen sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $347.39, for a total value of $13,895,600.00. Following the completion of the transaction, the executive vice president directly owned 125,737 shares of the company’s stock, valued at $43,679,776.43. The trade was a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 146,000 shares of company stock valued at $85,486,715. Company insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Raymond James Financial increased their price objective on Micron Technology from $530.00 to $1,100.00 and gave the stock an “outperform” rating in a research report on Monday, June 1st. Melius Research assumed coverage on Micron Technology in a research report on Monday, April 27th. They set a “buy” rating and a $700.00 price objective for the company. Summit Insights cut Micron Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 19th. UBS Group increased their price objective on Micron Technology from $535.00 to $1,625.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Micron Technology from $500.00 to $550.00 and gave the stock a “buy” rating in a research report on Thursday, March 19th. Five equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $788.13.

More Micron Technology News

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: TD Cowen raised its price target to $1,500 and said AI-driven memory demand could support pricing strength through 2027.
• Positive Sentiment: RBC also lifted its target, citing a stronger memory cycle and continued AI demand for Micron’s DRAM and NAND products.
• Positive Sentiment: Multiple reports said memory-chip shortages and improving industry supply/demand dynamics are reinforcing a prolonged upcycle for MU.
• Positive Sentiment: The stock’s breakout to new highs is drawing additional momentum buyers and investors positioning ahead of earnings on June 24.
• Neutral Sentiment: Some market commentary notes MU has become extremely overbought after its massive run, which could lead to volatility even if the long-term outlook remains strong.
• Neutral Sentiment: Option-market data shows elevated implied volatility and bearish hedging, suggesting traders are pricing in a wide range of outcomes around earnings and other event risks.
• Negative Sentiment: A few articles warn that Micron’s rally may be too crowded and that memory margins may not stay at peak levels indefinitely, increasing pullback risk.

Micron Technology Stock Performance

NASDAQ MU opened at $1,087.99 on Tuesday. Micron Technology, Inc. has a 1-year low of $103.38 and a 1-year high of $1,097.47. The company has a market capitalization of $1.23 trillion, a P/E ratio of 51.37 and a beta of 2.15. The business has a 50 day moving average price of $692.02 and a 200 day moving average price of $471.28. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 earnings per share for the quarter, beating the consensus estimate of $9.19 by $3.01. Micron Technology had a return on equity of 41.16% and a net margin of 41.49%.The firm had revenue of $23.86 billion during the quarter, compared to the consensus estimate of $19.97 billion. During the same period last year, the business posted $1.56 EPS. Micron Technology’s quarterly revenue was up 196 on a year-over-year basis. Sell-side analysts expect that Micron Technology, Inc. will post 59.23 EPS for the current fiscal year.

Micron Technology Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 30th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Monday, March 30th. This is an increase from Micron Technology’s previous quarterly dividend of $0.12. Micron Technology’s dividend payout ratio (DPR) is 2.83%.

Micron Technology Company Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.