71 West Capital Partners Makes New Investment in Micron Technology, Inc. $MU

Key Points

• 71 West Capital Partners opened a new position in Micron Technology, buying 3,301 shares worth about $942,000 in the fourth quarter.
• Micron continues to attract heavy institutional interest, with firms like Vanguard, State Street, and Norges Bank adding stakes; overall, 80.84% of the stock is owned by institutional investors and hedge funds.
• The company reported strong quarterly results, with EPS of $12.20 and revenue of $23.86 billion, both well above analyst estimates, while also raising its quarterly dividend to $0.15 per share.

71 West Capital Partners purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 3,301 shares of the semiconductor manufacturer's stock, valued at approximately $942,000.

Several other institutional investors have also made changes to their positions in MU. Vanguard Group Inc. increased its holdings in shares of Micron Technology by 1.9% during 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 acquiring an additional 1,954,644 shares during the last quarter. State Street Corp lifted its holdings in Micron Technology by 2.1% in the 4th quarter. State Street Corp now owns 52,749,817 shares of the semiconductor manufacturer's stock worth $15,061,310,000 after purchasing an additional 1,090,644 shares during the last quarter. Capital International Investors boosted its position 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 purchasing an additional 155,860 shares during the period. Norges Bank bought a new stake in Micron Technology during the fourth quarter worth approximately $6,433,456,000. Finally, Morgan Stanley grew its holdings in Micron Technology by 5.1% during the fourth quarter. Morgan Stanley now owns 16,396,655 shares of the semiconductor manufacturer's stock valued at $4,679,771,000 after purchasing an additional 794,289 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 40,000 shares of the firm's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $347.39, for a total value of $13,895,600.00. Following the completion of the sale, the executive vice president directly owned 125,737 shares in the company, valued at approximately $43,679,776.43. This trade represents a 24.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sumit Sadana sold 24,000 shares of Micron Technology stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $421.35, for a total value of $10,112,400.00. Following the completion of the transaction, the executive vice president directly owned 224,021 shares of the company's stock, valued at $94,391,248.35. This represents a 9.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 146,000 shares of company stock worth $85,486,715 over the last ninety days. Company insiders own 0.24% of the company's stock.

Micron Technology Stock Up 10.8%

MU opened at $1,087.99 on Tuesday. The company has a market capitalization of $1.23 trillion, a P/E ratio of 51.37 and a beta of 2.15. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32. The firm's fifty day moving average price is $692.02 and its two-hundred day moving average price is $471.28. Micron Technology, Inc. has a fifty-two week low of $103.38 and a fifty-two week high of $1,097.47.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 EPS for the quarter, topping analysts' consensus estimates of $9.19 by $3.01. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The firm had revenue of $23.86 billion during the quarter, compared to analysts' expectations of $19.97 billion. During the same quarter last year, the company earned $1.56 earnings per share. The company's revenue for the quarter was up 196 compared to the same quarter last year. On average, analysts anticipate that Micron Technology, Inc. will post 59.23 EPS for the current year.

Micron Technology Increases Dividend

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

Micron Technology News Roundup

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.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MU. Melius Research assumed coverage on shares of Micron Technology in a research note on Monday, April 27th. They issued a "buy" rating and a $700.00 price objective for the company. Barclays raised their target price on shares of Micron Technology from $450.00 to $675.00 and gave the company an "overweight" rating in a research note on Thursday, March 19th. Summit Insights downgraded shares of Micron Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 19th. Morgan Stanley boosted their target price on shares of Micron Technology from $520.00 to $1,050.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 3rd. Finally, Needham & Company LLC raised their price target on Micron Technology from $450.00 to $500.00 and gave the company a "buy" rating in a research report on Thursday, March 19th. Five analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Micron Technology currently has a consensus rating of "Buy" and an average target price of $788.13.

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.

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