Aspen Investment Management Inc Invests $438,000 in Micron Technology, Inc. $MU

Key Points

• Aspen Investment Management Inc acquired 5,043 shares of Micron Technology, Inc. valued at approximately $438,000 during the first quarter of 2023.
• Micron Technology reported $1.91 earnings per share (EPS) for the latest quarter, exceeding analysts' estimates and generating a revenue of $9.30 billion.
• Shares of Micron Technology have seen significant price target upgrades from multiple analysts, with targets ranging from $130.00 to $155.00, indicating strong investor confidence.

Aspen Investment Management Inc bought 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 bought 5,043 shares of the semiconductor manufacturer's stock, valued at approximately $438,000.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after buying an additional 2,049,163 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Micron Technology by 23.8% in the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock worth $922,467,000 after buying an additional 2,038,641 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Micron Technology by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,938,848 shares of the semiconductor manufacturer's stock worth $602,917,000 after buying an additional 58,285 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Micron Technology by 26.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer's stock valued at $590,807,000 after acquiring an additional 1,416,174 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Micron Technology by 0.4% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,366,631 shares of the semiconductor manufacturer's stock valued at $379,417,000 after acquiring an additional 17,970 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MU shares. Mizuho upped their price objective on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Robert W. Baird upped their price objective on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. KeyCorp upped their price objective on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Stifel Nicolaus upped their price objective on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Finally, Morgan Stanley upped their price objective on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $148.50.

Insider Buying and Selling at Micron Technology

In other news, EVP Scott J. Deboer sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.11, for a total transaction of $2,502,200.00. Following the transaction, the executive vice president directly owned 166,353 shares of the company's stock, valued at approximately $20,812,423.83. This trade represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the transaction, the executive vice president directly owned 148,167 shares in the company, valued at approximately $18,538,655.04. This trade represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 268,446 shares of company stock valued at $32,908,469. 0.30% of the stock is owned by corporate insiders.

Micron Technology Trading Up 7.6%

Shares of NASDAQ:MU traded up $10.57 during trading hours on Thursday, hitting $150.57. 52,376,371 shares of the company's stock traded hands, compared to its average volume of 16,123,795. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $156.26. The business has a fifty day moving average price of $119.23 and a 200-day moving average price of $102.77. The firm has a market capitalization of $168.51 billion, a P/E ratio of 27.13 and a beta of 1.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%.The business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the previous year, the business earned $0.62 earnings per share. Micron Technology has set its Q4 2025 guidance at 2.350-2.650 EPS. Equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.3%. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Micron Technology Company 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.