Penobscot Investment Management Company Inc. Acquires New Shares in Micron Technology, Inc. $MU

Key Points

• Penobscot Investment Management initiated a Micron position by purchasing 1,818 shares worth approximately $1.94 million in the third quarter. Institutional investors collectively own 80.84% of Micron’s outstanding stock.
• Analyst sentiment remains positive, with Micron receiving a “Moderate Buy” consensus rating and an average price target of $1,407.88, supported by strong AI-related memory demand and tight supply conditions.
• Micron reported quarterly earnings and revenue above expectations, with earnings per share of $33.42 and revenue of $54.23 billion, while insiders sold $78.46 million of stock during the quarter.

Penobscot Investment Management Company Inc. bought a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,818 shares of the semiconductor manufacturer's stock, valued at approximately $1,936,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Oppenheimer & Co. Inc. boosted its stake in shares of Micron Technology by 12.5% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 54,599 shares of the semiconductor manufacturer's stock valued at $58,154,000 after purchasing an additional 6,079 shares in the last quarter. Center for Financial Planning Inc. grew its holdings in shares of Micron Technology by 2,875.0% in the 3rd quarter. Center for Financial Planning Inc. now owns 119 shares of the semiconductor manufacturer's stock worth $127,000 after purchasing an additional 115 shares during the last quarter. Park Avenue Securities LLC grew its holdings in shares of Micron Technology by 7.2% in the 3rd quarter. Park Avenue Securities LLC now owns 47,942 shares of the semiconductor manufacturer's stock worth $51,064,000 after purchasing an additional 3,236 shares during the last quarter. Segment Wealth Management LLC increased its position in shares of Micron Technology by 344.2% during the 3rd quarter. Segment Wealth Management LLC now owns 5,246 shares of the semiconductor manufacturer's stock worth $5,588,000 after purchasing an additional 4,065 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its position in shares of Micron Technology by 1.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 31,840 shares of the semiconductor manufacturer's stock worth $33,913,000 after purchasing an additional 521 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

Trending Headlines about Micron Technology

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

• Positive Sentiment: Elon Musk predicted that humanoid robots could require enormous amounts of memory, prompting analysts to frame robotics as a potentially significant long-term volume opportunity for Micron and SK hynix. Separate forecasts suggest humanoid robots could use substantially more memory by 2030. Elon Musk Says Robots Will Need More Memory
• Positive Sentiment: Bank of America reiterated its buy rating and became more constructive on memory following meetings with industry executives. The firm believes customers are increasingly securing supply through long-term agreements, supporting pricing and visibility for Micron. Bank of America Reiterates Buy on Micron
• Positive Sentiment: Micron’s recent earnings beat and record results continue to support the bullish case. Strong AI-related high-bandwidth-memory demand, tight supply, and favorable earnings expectations have led some analysts to argue that the stock remains inexpensive relative to its growth potential. Can Micron Survive a 40% Drop in Memory Prices?
• Positive Sentiment: Micron’s new employee bonus plan may help align compensation with company performance and support retention as the business expands its AI-memory capacity. Micron Unveils a New Bonus Plan

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MU shares. Wedbush reissued an "outperform" rating and set a $1,400.00 price target on shares of Micron Technology in a report on Monday, September 28th. Daiwa Securities Group upped their price objective on shares of Micron Technology from $1,600.00 to $1,700.00 and gave the stock a "buy" rating in a research note on Friday, July 17th. Rosenblatt Securities reaffirmed a "buy" rating and set a $1,900.00 price objective on shares of Micron Technology in a report on Thursday, October 22nd. Robert W. Baird raised their price objective on shares of Micron Technology from $1,280.00 to $1,520.00 and gave the stock an "outperform" rating in a report on Monday, September 28th. Finally, Weiss Ratings upgraded shares of Micron Technology from a "buy (b)" rating to a "buy (b+)" rating in a research note on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, forty-one have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and an average target price of $1,407.88.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 40,000 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $968.90, for a total transaction of $38,756,000.00. Following the transaction, the chief executive officer owned 264,503 shares of the company's stock, valued at approximately $256,276,956.70. This represents a 13.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sumit Sadana sold 15,000 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $934.29, for a total value of $14,014,350.00. Following the completion of the transaction, the executive vice president owned 191,021 shares in the company, valued at $178,469,010.09. The trade was a 7.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 83,545 shares of company stock valued at $78,460,850 over the last quarter. Corporate insiders own 0.24% of the company's stock.

Micron Technology Trading Up 2.8%

MU opened at $928.76 on Wednesday. The stock has a market capitalization of $1.05 trillion, a PE ratio of 12.52 and a beta of 2.22. Micron Technology, Inc. has a 1-year low of $192.59 and a 1-year high of $1,255.00. The firm has a 50-day moving average price of $979.69 and a two-hundred day moving average price of $735.60.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, September 30th. The semiconductor manufacturer reported $33.42 earnings per share for the quarter, topping analysts' consensus estimates of $31.77 by $1.65. The company had revenue of $54.23 billion during the quarter, compared to the consensus estimate of $51.33 billion. During the same period in the prior year, the firm posted $3.03 earnings per share. The company's revenue was up 379.1% on a year-over-year basis. Micron Technology has set its Q1 2027 guidance at 37.150-39.150 EPS. On average, research analysts predict that Micron Technology, Inc. will post 177.03 EPS for the current year.

Micron Technology Announces Dividend

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

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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