Pinnacle Associates Ltd. Has $96.72 Million Stock Position in Micron Technology, Inc. $MU

Key Points

• Pinnacle Associates Ltd. trimmed its Micron Technology stake by 3.5% in the fourth quarter but still held 338,893 shares worth about $96.7 million, making MU its 15th largest holding.
• Insiders have been selling shares, including Director Steven J. Gomo and EVP April S. Arnzen, and insiders sold 106,000 shares worth about $47.0 million over the last 90 days.
• Despite some near-term volatility, analysts remain bullish on Micron thanks to strong demand for HBM, DRAM, and AI-related memory; several firms raised price targets, and the consensus rating is Buy.

Pinnacle Associates Ltd. lowered its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 338,893 shares of the semiconductor manufacturer's stock after selling 12,459 shares during the period. Micron Technology accounts for 1.2% of Pinnacle Associates Ltd.'s holdings, making the stock its 15th largest holding. Pinnacle Associates Ltd.'s holdings in Micron Technology were worth $96,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC boosted its position in Micron Technology by 295.8% in the fourth quarter. Elevation Wealth Partners LLC now owns 95 shares of the semiconductor manufacturer's stock valued at $27,000 after buying an additional 71 shares in the last quarter. Steigerwald Gordon & Koch Inc. boosted its position in Micron Technology by 4,800.0% in the fourth quarter. Steigerwald Gordon & Koch Inc. now owns 98 shares of the semiconductor manufacturer's stock valued at $28,000 after buying an additional 96 shares in the last quarter. Joseph Group Capital Management acquired a new stake in Micron Technology in the fourth quarter valued at approximately $31,000. Luken Investment Analytics LLC acquired a new stake in Micron Technology in the fourth quarter valued at approximately $31,000. Finally, GHP Investment Advisors Inc. lifted its holdings in shares of Micron Technology by 91.2% during the fourth quarter. GHP Investment Advisors Inc. now owns 109 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Activity

In related news, Director Steven J. Gomo sold 2,000 shares of Micron Technology stock in a transaction on Monday, May 11th. The shares were sold at an average price of $787.03, for a total transaction of $1,574,060.00. Following the completion of the transaction, the director owned 17,139 shares of the company's stock, valued at $13,488,907.17. This trade represents a 10.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 40,000 shares of Micron Technology stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $347.39, for a total transaction of $13,895,600.00. Following the transaction, the executive vice president directly owned 125,737 shares of the company's stock, valued at $43,679,776.43. This represents a 24.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 106,000 shares of company stock worth $47,032,460 over the last ninety days. Corporate insiders own 0.24% of the company's stock.

Micron Technology News Roundup

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

• Positive Sentiment: Analysts and market commentators say Micron is benefiting from surging demand for HBM, DRAM and AI infrastructure memory, with supply still tight. BofA Sees More Room for Micron's AI Rally
• Positive Sentiment: Micron is being highlighted as a direct AI winner, with articles arguing the company is still early in the AI cycle rather than near the top of it. Why Daniel Newman Thinks Micron Technology Proves We Are Still In AI 'Parking Lot'— It Is 'Not Late' To Get In
• Positive Sentiment: Fresh product momentum also supports the bull case, including sampling of a faster 256GB DDR5 server module for AI and data-center workloads. Micron Redefines AI Performance With Sampling of 256GB DDR5 Server Module
• Neutral Sentiment: Some investors are also watching Micron’s sharp run and warning that the stock may be extended after a huge rally, which could mean near-term volatility even if the long-term story remains strong. Micron Investors Face a High-Stakes Moment After the Latest Rally
• Negative Sentiment: A broader chip-sector pullback and profit-taking briefly weighed on MU earlier in the week as traders worried the memory-supercycle trade had run too far, too fast. Why Sandisk, Micron stock are plunging upto 9% on Tuesday

Analysts Set New Price Targets

MU has been the topic of a number of recent research reports. Barclays lifted their price target on shares of Micron Technology from $450.00 to $675.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Royal Bank Of Canada lifted their price target on shares of Micron Technology from $425.00 to $525.00 and gave the stock an "outperform" rating in a report on Monday, March 16th. Melius Research initiated coverage on shares of Micron Technology in a report on Monday, April 27th. They set a "buy" rating and a $700.00 price target on the stock. Summit Insights lowered shares of Micron Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 19th. Finally, Cantor Fitzgerald lifted their price target on shares of Micron Technology from $450.00 to $700.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Five equities research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $495.63.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $803.63 on Thursday. Micron Technology, Inc. has a 52 week low of $90.93 and a 52 week high of $818.67. The firm's fifty day moving average is $464.69 and its 200-day moving average is $364.25. The firm has a market cap of $906.28 billion, a PE ratio of 37.94 and a beta of 1.91. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.32 and a current ratio of 2.90.

Micron Technology Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 30th were paid a dividend of $0.15 per share. This is a boost from Micron Technology's previous quarterly dividend of $0.12. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date of this dividend was Monday, March 30th. Micron Technology's payout ratio is 2.83%.

Micron Technology Company Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.

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