Micron Technology, Inc. $MU Stock Sold by Garner Asset Management Corp

Key Points

• Garner Asset Management cut its Micron stake by 37.7% in the third quarter, selling 1,409 shares and retaining 2,325.
• Micron beat quarterly expectations, reporting EPS of $33.42 versus $31.77 expected and revenue of $54.23 billion versus $51.33 billion expected; revenue rose 379.1% year over year.
• Analyst sentiment remains broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $1,407.88, while the article also flags potential competition from China’s CXMT.

Garner Asset Management Corp decreased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 37.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,325 shares of the semiconductor manufacturer's stock after selling 1,409 shares during the quarter. Garner Asset Management Corp's holdings in Micron Technology were worth $2,476,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MU. Andar Capital Management HK Ltd grew its stake in Micron Technology by 856,960.3% in the 2nd quarter. Andar Capital Management HK Ltd now owns 34,282,413 shares of the semiconductor manufacturer's stock valued at $39,571,847,000 after acquiring an additional 34,278,413 shares during the period. Primecap Management Co. CA acquired a new position in Micron Technology during the second quarter worth $22,182,263,000. Bank of America Corp DE raised its position in Micron Technology by 26.6% during the second quarter. Bank of America Corp DE now owns 10,174,757 shares of the semiconductor manufacturer's stock worth $11,744,621,000 after acquiring an additional 2,136,470 shares during the period. Legal & General Group Plc purchased a new position in Micron Technology during the second quarter valued at $8,402,393,000. Finally, Wellington Management Group LLP lifted its holdings in Micron Technology by 28.7% during the second quarter. Wellington Management Group LLP now owns 5,045,141 shares of the semiconductor manufacturer's stock valued at $5,823,556,000 after purchasing an additional 1,125,414 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MU. The Goldman Sachs Group set a $1,250.00 target price on shares of Micron Technology in a research note on Thursday, October 1st. KeyCorp reaffirmed an "overweight" rating on shares of Micron Technology in a research note on Thursday, October 1st. Raymond James Financial reiterated an "outperform" rating on shares of Micron Technology in a report on Thursday, October 1st. Sanford C. Bernstein reiterated an "outperform" rating on shares of Micron Technology in a research note on Thursday, October 1st. Finally, Citigroup raised their price target on shares of Micron Technology from $1,150.00 to $1,300.00 and gave the stock a "buy" rating in a research note on Wednesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, forty-one have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $1,407.88.

Micron Technology News Summary

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: Memory stocks recovered as investors rotated back into semiconductor shares, with easing oil prices also helping risk appetite. Why are Micron, SK Hynix, and SanDisk stocks rising on Tuesday?
• Positive Sentiment: AI’s growing need for memory could support Micron’s opportunity: the article highlights memory’s importance to AI performance and the company’s potential to compete on value. Micron Said “Super Intelligence” Creates the Most Compelling Opportunity in Its History
• Positive Sentiment: Micron could step up share repurchases starting in December after Chips Act restrictions expire, potentially adding support for shareholder returns and demand for the stock. Micron Expected to Launch Massive Stock Buybacks in December
• Neutral Sentiment: Some analysts see substantial upside after the pullback, though the coverage cautions that memory-stock rallies have been difficult to sustain. Micron Stock Is in a Slump but Analysts Say It Can Soar 100%
• Negative Sentiment: Investor Dan Niles warned that Chinese memory maker CXMT is targeting a 20% share by 2028, raising the prospect of increased competition for Micron. Micron’s Real Risk: China’s CXMT Targets “20% by 2028,” Warns Dan Niles
• Negative Sentiment: Recent concerns about the memory cycle remain: a cautious outlook from Kioxia weighed on Micron and other memory shares in the prior session, while one commentator argued AI-chip stocks may not have fallen enough. Micron Falls as Kioxia’s Cautious Outlook Hits Memory Stocks

Micron Technology Price Performance

Shares of NASDAQ MU opened at $855.10 on Wednesday. The stock's 50-day moving average is $974.91 and its two-hundred day moving average is $749.61. The company has a market cap of $967.48 billion, a price-to-earnings ratio of 11.52, a price-to-earnings-growth ratio of 0.14 and a beta of 2.36. Micron Technology, Inc. has a 1-year low of $192.59 and a 1-year high of $1,255.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.31 and a quick ratio of 2.94.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $31.77 by $1.65. The business had revenue of $54.23 billion during the quarter, compared to analysts' expectations of $51.33 billion. Micron Technology had a return on equity of 92.62% and a net margin of 63.80%. The business's quarterly revenue was up 379.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.03 EPS. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. Analysts forecast that Micron Technology, Inc. will post 177.03 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 29th. Stockholders of record on Wednesday, October 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Wednesday, October 14th. Micron Technology's payout ratio is 0.81%.

Insider Activity at Micron Technology

In other Micron Technology news, insider Scott Deboer sold 28,545 shares of Micron Technology stock in a transaction dated Friday, October 16th. The stock was sold at an average price of $900.00, for a total value of $25,690,500.00. Following the completion of the sale, the insider owned 147,430 shares in the company, valued at $132,687,000. The trade was a 16.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Sumit Sadana sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $934.29, for a total transaction of $14,014,350.00. Following the sale, the executive vice president owned 191,021 shares of the company's stock, valued at approximately $178,469,010.09. This represents a 7.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 83,545 shares of company stock valued at $78,460,850. Company insiders own 0.24% of the company's stock.

Micron Technology Company Profile

Micron Technology, Inc is a semiconductor company that develops and manufactures memory and storage products. Its portfolio includes dynamic random-access memory (DRAM), NAND flash memory, NOR flash memory, solid-state drives, memory modules, and other semiconductor solutions used in data centers, personal computers, smartphones, automotive systems, industrial equipment, and consumer electronics.

The company also provides high-bandwidth memory and other advanced memory technologies designed to support artificial intelligence, high-performance computing, networking, and graphics applications.

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