Keystone Investors PTE Ltd. Takes $96.25 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Keystone Investors PTE Ltd. has acquired a significant stake in Micron Technology, purchasing over 1.1 million shares valued at approximately $96.25 million, making it the firm's third largest holding.
• Micron announced a quarterly dividend of $0.115 per share, reflecting an annual yield of 0.4%, with a low dividend payout ratio of 8.29%.
• The company reported earnings of $1.91 per share, surpassing analyst expectations, and had a revenue of $9.30 billion for the quarter.

Keystone Investors PTE Ltd. acquired a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,107,756 shares of the semiconductor manufacturer's stock, valued at approximately $96,253,000. Micron Technology accounts for approximately 13.5% of Keystone Investors PTE Ltd.'s investment portfolio, making the stock its 3rd largest position. Keystone Investors PTE Ltd. owned 0.10% of Micron Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. Duquesne Family Office LLC bought a new position in shares of Micron Technology in the fourth quarter valued at about $34,412,000. Janus Henderson Group PLC grew its position in shares of Micron Technology by 74.6% during the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock worth $222,779,000 after buying an additional 1,130,680 shares during the period. Mission Wealth Management LP grew its position in shares of Micron Technology by 195.2% during the 1st quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock worth $1,360,000 after buying an additional 10,348 shares during the period. Centre Asset Management LLC acquired a new position in shares of Micron Technology during the 1st quarter worth about $7,720,000. Finally, ProShare Advisors LLC raised its stake in Micron Technology by 16.9% during the 4th quarter. ProShare Advisors LLC now owns 1,650,957 shares of the semiconductor manufacturer's stock worth $138,945,000 after buying an additional 238,687 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of recent analyst reports. Cantor Fitzgerald boosted their price target on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Citigroup upped their target price on Micron Technology from $130.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Needham & Company LLC increased their target price on Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Piper Sandler increased their target price on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Finally, The Goldman Sachs Group began coverage on Micron Technology in a research note on Thursday, July 10th. They set a "neutral" rating and a $130.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $146.44.

Insider Activity

In related news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the sale, the executive vice president owned 201,326 shares in the company, valued at $25,264,399.74. This trade represents a 31.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the sale, the chief financial officer owned 264,036 shares of the company's stock, valued at $28,864,415.52. The trade was a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock valued at $34,679,277 in the last three months. 0.30% of the stock is currently owned by insiders.

Micron Technology Price Performance

MU traded up $3.62 on Monday, hitting $122.51. 22,530,275 shares of the company were exchanged, compared to its average volume of 23,154,932. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The business's fifty day moving average is $115.95 and its 200 day moving average is $98.07. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The firm has a market capitalization of $137.11 billion, a P/E ratio of 22.07 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the firm posted $0.62 EPS. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Micron Technology Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.