LGT Fund Management Co Ltd. Makes New Investment in Micron Technology, Inc. $MU

Key Points

• LGT Fund Management Co Ltd. has made a new investment in Micron Technology by purchasing 1,800 shares worth approximately $222,000 in the second quarter of 2023.
• Brokerages have raised their price targets on Micron Technology, with Cantor Fitzgerald and Susquehanna both increasing their targets to $200.00, indicating a bullish outlook on the stock.
• Micron Technology has announced a quarterly dividend of $0.115 per share, with the ex-dividend date set for October 3rd, representing an annualized yield of 0.2%.

LGT Fund Management Co Ltd. purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,800 shares of the semiconductor manufacturer's stock, valued at approximately $222,000.

Several other hedge funds have also recently added to or reduced their stakes in MU. Nuveen LLC bought a new stake in Micron Technology during the first quarter worth about $369,191,000. Vanguard Group Inc. lifted its stake in Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after purchasing an additional 2,049,163 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock worth $922,467,000 after purchasing an additional 2,038,641 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Micron Technology by 26.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer's stock worth $590,807,000 after purchasing an additional 1,416,174 shares during the last quarter. Finally, Keystone Investors PTE Ltd. bought a new stake in Micron Technology during the first quarter worth about $96,253,000. Institutional investors own 80.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MU. Cantor Fitzgerald lifted their price target on Micron Technology from $185.00 to $200.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 24th. Susquehanna boosted their target price on Micron Technology from $160.00 to $200.00 and gave the company a "positive" rating in a research note on Wednesday, September 17th. Zacks Research raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. KGI Securities raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, September 24th. Finally, Erste Group Bank started coverage on Micron Technology in a research report on Thursday, August 14th. They issued a "buy" rating for the company. Four analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $184.77.

Insiders Place Their Bets

In other news, Director Richard M. Beyer sold 5,552 shares of the firm's stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $155.68, for a total value of $864,335.36. Following the transaction, the director directly owned 96,031 shares in the company, valued at $14,950,106.08. This trade represents a 5.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $164.04, for a total value of $2,460,600.00. Following the completion of the transaction, the executive vice president owned 131,580 shares in the company, valued at approximately $21,584,383.20. This trade represents a 10.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 109,456 shares of company stock valued at $15,698,445. 0.30% of the stock is currently owned by company insiders.

Micron Technology Stock Performance

Shares of MU opened at $187.83 on Friday. The business's fifty day simple moving average is $134.89 and its two-hundred day simple moving average is $110.76. The company has a current ratio of 2.52, a quick ratio of 1.79 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $191.85. The company has a market cap of $210.20 billion, a price-to-earnings ratio of 24.75, a P/E/G ratio of 0.41 and a beta of 1.56.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, October 3rd. Micron Technology's dividend payout ratio (DPR) is currently 6.06%.

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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