Synovus Financial Corp Reduces Stake in Micron Technology, Inc. $MU

Key Points

• Synovus Financial Corp reduced its stake in Micron Technology by 24.2%, selling 3,571 shares and leaving it with a total of 11,179 shares valued at approximately $972,000.
• Insider Selling: Executive Vice Presidents Scott J. Deboer and Sumit Sadana sold significant amounts of Micron stock, totaling over $13 million combined, signaling noteworthy insider activity.
• Analyst Upgrades: Several analysts raised their price targets for Micron Technology, with Morgan Stanley increasing its target from $98 to $135, reflecting positive sentiment regarding the stock's value.

Synovus Financial Corp cut its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 24.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,179 shares of the semiconductor manufacturer's stock after selling 3,571 shares during the period. Synovus Financial Corp's holdings in Micron Technology were worth $972,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. D.B. Root & Company LLC grew its stake in Micron Technology by 3.7% during the 1st quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock worth $262,000 after purchasing an additional 108 shares in the last quarter. Orca Wealth Management LLC grew its stake in Micron Technology by 1.5% during the 1st quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock worth $737,000 after purchasing an additional 129 shares in the last quarter. Sunpointe LLC grew its stake in Micron Technology by 4.0% during the 1st quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock worth $300,000 after purchasing an additional 131 shares in the last quarter. Foundations Investment Advisors LLC grew its stake in Micron Technology by 2.1% during the 1st quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock worth $570,000 after purchasing an additional 138 shares in the last quarter. Finally, Allen Capital Group LLC grew its stake in Micron Technology by 3.2% during the 1st quarter. Allen Capital Group LLC now owns 4,460 shares of the semiconductor manufacturer's stock worth $388,000 after purchasing an additional 139 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Performance

Shares of Micron Technology stock traded down $2.99 on Friday, hitting $119.01. The stock had a trading volume of 16,756,869 shares, compared to its average volume of 18,095,988. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $129.85. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The stock has a market cap of $133.19 billion, a price-to-earnings ratio of 21.44 and a beta of 1.37. The company's 50 day moving average price is $118.17 and its 200 day moving average price is $100.88.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share 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 the consensus estimate of $8.83 billion. During the same period in the previous year, the business earned $0.62 EPS. Micron Technology has set its Q4 2025 guidance at 2.350-2.650 EPS. On average, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were given a dividend of $0.115 per share. 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 (DPR) is presently 8.29%.

Analysts Set New Price Targets

MU has been the subject of several analyst reports. Robert W. Baird boosted their target price on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Barclays boosted their target price on Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Zacks Research raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Needham & Company LLC reissued a "buy" rating and set a $150.00 target price on shares of Micron Technology in a research note on Monday, August 11th. Finally, KeyCorp boosted their target price on Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $147.54.

Insider Activity at Micron Technology

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the sale, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock worth $34,679,277 in the last ninety days. Company insiders own 0.30% of the company's stock.

About Micron Technology

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.