Western Financial Corp CA Makes New $3.26 Million Investment in Micron Technology, Inc. $MU

Western Financial Corp CA acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,418 shares of the semiconductor manufacturer’s stock, valued at approximately $3,259,000. Micron Technology makes up approximately 1.3% of Western Financial Corp CA’s portfolio, making the stock its 16th biggest position.

Several other hedge funds have also recently modified their holdings of MU. Vanguard Group Inc. increased its holdings in Micron Technology by 0.7% during the third quarter. Vanguard Group Inc. now owns 104,653,450 shares of the semiconductor manufacturer’s stock valued at $17,510,615,000 after buying an additional 773,788 shares during the period. State Street Corp lifted its holdings in Micron Technology by 0.6% during the third quarter. State Street Corp now owns 51,659,173 shares of the semiconductor manufacturer’s stock worth $8,643,613,000 after buying an additional 285,582 shares during the period. Capital International Investors lifted its holdings in Micron Technology by 0.7% during the third quarter. Capital International Investors now owns 23,372,821 shares of the semiconductor manufacturer’s stock worth $3,910,198,000 after buying an additional 155,860 shares during the period. Invesco Ltd. boosted its position in Micron Technology by 8.0% during the 3rd quarter. Invesco Ltd. now owns 9,622,166 shares of the semiconductor manufacturer’s stock valued at $1,609,981,000 after acquiring an additional 708,716 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Micron Technology by 1.9% in the 3rd quarter. Legal & General Group Plc now owns 7,275,842 shares of the semiconductor manufacturer’s stock valued at $1,217,394,000 after acquiring an additional 135,850 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $366.24 on Monday. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $471.34. The company has a market cap of $413.02 billion, a PE ratio of 17.29 and a beta of 1.60. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.32 and a current ratio of 2.90. The business’s 50-day simple moving average is $403.11 and its two-hundred day simple moving average is $300.90.

Micron Technology Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Monday, March 30th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.2%. The ex-dividend date is Monday, March 30th. This is a positive change from Micron Technology’s previous quarterly dividend of $0.12. Micron Technology’s dividend payout ratio (DPR) is presently 2.83%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MU. William Blair initiated coverage on Micron Technology in a research note on Thursday, January 22nd. They set an “outperform” rating for the company. Bank of America lifted their price target on shares of Micron Technology from $400.00 to $500.00 and gave the stock a “buy” rating in a report on Thursday, March 19th. Rosenblatt Securities reiterated a “buy” rating and set a $500.00 price objective on shares of Micron Technology in a report on Monday, March 16th. Wolfe Research boosted their target price on Micron Technology from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Thursday, December 18th. Finally, TD Cowen upped their target price on Micron Technology from $450.00 to $500.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Five investment analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $463.71.

Insiders Place Their Bets

In other news, EVP Manish H. Bhatia sold 26,623 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $391.04, for a total value of $10,410,657.92. Following the sale, the executive vice president directly owned 323,486 shares of the company’s stock, valued at $126,495,965.44. This represents a 7.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Teyin M. Liu bought 7,820 shares of Micron Technology stock in a transaction that occurred on Wednesday, January 14th. The shares were acquired at an average cost of $337.50 per share, with a total value of $2,639,250.00. Following the acquisition, the director owned 25,910 shares of the company’s stock, valued at $8,744,625. The trade was a 43.23% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 23,200 shares of company stock worth $7,821,723 and sold 93,623 shares worth $35,728,508. Insiders own 0.24% of the company’s stock.

About Micron Technology

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.