Abound Financial LLC Acquires New Stake in Micron Technology, Inc. $MU

Key Points

• Abound Financial LLC opened a new position in Micron Technology during the fourth quarter, buying 1,612 shares worth about $460,000.
• Wall Street sentiment remains very bullish: several analysts lifted price targets sharply, and Micron now has a consensus Buy rating with a consensus target price of $788.13.
• Micron reported strong recent results, with quarterly EPS of $12.20 versus an expected $9.19 and revenue of $23.86 billion, while also raising its quarterly dividend to $0.15 per share.

Abound Financial LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,612 shares of the semiconductor manufacturer's stock, valued at approximately $460,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. High Note Wealth LLC raised its holdings in shares of Micron Technology by 65.4% in the 4th quarter. High Note Wealth LLC now owns 86 shares of the semiconductor manufacturer's stock valued at $25,000 after buying an additional 34 shares during the period. Elevation Wealth Partners LLC raised its holdings in shares of Micron Technology by 295.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 95 shares of the semiconductor manufacturer's stock valued at $27,000 after buying an additional 71 shares during the period. Steigerwald Gordon & Koch Inc. raised its holdings in shares of Micron Technology by 4,800.0% in the 4th quarter. Steigerwald Gordon & Koch Inc. now owns 98 shares of the semiconductor manufacturer's stock valued at $28,000 after buying an additional 96 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Micron Technology by 91.2% in the 4th quarter. GHP Investment Advisors Inc. now owns 109 shares of the semiconductor manufacturer's stock valued at $31,000 after buying an additional 52 shares during the period. Finally, Joseph Group Capital Management purchased a new stake in shares of Micron Technology in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 80.84% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MU. Royal Bank Of Canada boosted their price objective on Micron Technology from $525.00 to $1,200.00 and gave the company an "outperform" rating in a report on Monday. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $350.00 to $550.00 and gave the company an "overweight" rating in a report on Thursday, March 19th. Susquehanna boosted their price objective on Micron Technology from $600.00 to $1,750.00 and gave the company a "positive" rating in a report on Friday, May 29th. Wedbush boosted their price objective on Micron Technology from $320.00 to $500.00 and gave the company an "outperform" rating in a report on Friday, March 13th. Finally, Cantor Fitzgerald upped their price target on Micron Technology from $700.00 to $1,500.00 and gave the stock an "overweight" rating in a report on Monday, June 8th. Five investment analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of "Buy" and a consensus target price of $788.13.

Micron Technology Trading Up 10.8%

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

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

Micron Technology Increases Dividend

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

Insider Transactions at Micron Technology

In related news, Director Steven J. Gomo sold 2,000 shares of the company's stock in a transaction dated 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 sale, the director directly owned 17,139 shares of the company's stock, valued at $13,488,907.17. This represents a 10.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 40,000 shares of the company's stock in a transaction dated 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 sale, the executive vice president directly owned 125,737 shares of the company's stock, valued at approximately $43,679,776.43. This trade represents a 24.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 146,000 shares of company stock valued at $85,486,715 in the last 90 days. Company insiders own 0.24% of the company's stock.

Key Headlines Impacting Micron Technology

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 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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