AI Squared Management Ltd Takes $13.59 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• AI Squared Management Ltd has made a significant investment of approximately $13.59 million in Micron Technology, acquiring 156,408 shares, which now make up 12.7% of its investment portfolio.
• Micron Technology reported $1.91 earnings per share for the last quarter, exceeding expectations of $1.57, and the company had a revenue of $9.30 billion, surpassing analysts' predictions.
• Insiders have recently sold a total of 286,042 shares of Micron Technology valued at approximately $34.7 million, indicating notable insider trading activity.

AI Squared Management Ltd purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 156,408 shares of the semiconductor manufacturer's stock, valued at approximately $13,590,000. Micron Technology accounts for approximately 12.7% of AI Squared Management Ltd's investment portfolio, making the stock its biggest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. Sunbeam Capital Management LLC acquired a new stake in shares of Micron Technology during the 4th quarter worth $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology during the 1st quarter worth approximately $33,000. Roxbury Financial LLC boosted its position in shares of Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after acquiring an additional 300 shares in the last quarter. AllSquare Wealth Management LLC increased its stake in Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new position in Micron Technology during the first quarter valued at approximately $36,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Performance

Shares of MU opened at $108.78 on Thursday. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $129.85. The stock's 50-day simple moving average is $115.16 and its 200 day simple moving average is $98.09. 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 stock has a market capitalization of $121.74 billion, a price-to-earnings ratio of 19.60 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on MU. KGI Securities downgraded shares of Micron Technology from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. Barclays raised their price objective on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Rosenblatt Securities upped their target price on Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Arete Research raised Micron Technology to a "strong-buy" rating in a research note on Friday, July 18th. Finally, Morgan Stanley boosted their price target on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insiders Place Their Bets

In other news, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the transaction, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the sale, the executive vice president directly owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock valued at $34,679,277 over the last quarter. Insiders own 0.30% of the company's stock.

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.

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