Simmons Bank Boosts Stake in Micron Technology, Inc. $MU

Key Points

• Simmons Bank increased its stake in Micron Technology by 241.8% in the fourth quarter, ending with 9,035 shares valued at about $2.6 million.
• Institutional ownership in Micron remains heavy, with 80.84% of shares held by hedge funds and other institutional investors, and several firms recently boosted or opened positions.
• Analysts remain broadly bullish on MU, with multiple price-target hikes and a consensus Buy rating; the average price target stands at about $495.63.

Simmons Bank lifted its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 241.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,035 shares of the semiconductor manufacturer's stock after buying an additional 6,392 shares during the quarter. Simmons Bank's holdings in Micron Technology were worth $2,579,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. iA Global Asset Management Inc. boosted its position in Micron Technology by 18.7% during the third quarter. iA Global Asset Management Inc. now owns 146,890 shares of the semiconductor manufacturer's stock worth $24,578,000 after purchasing an additional 23,117 shares in the last quarter. Generation Capital Management LLC purchased a new stake in Micron Technology during the third quarter worth $238,000. Wealthfront Advisers LLC boosted its position in Micron Technology by 9.8% during the third quarter. Wealthfront Advisers LLC now owns 95,396 shares of the semiconductor manufacturer's stock worth $15,962,000 after purchasing an additional 8,489 shares in the last quarter. Westpac Banking Corp boosted its position in Micron Technology by 251.0% during the third quarter. Westpac Banking Corp now owns 23,086 shares of the semiconductor manufacturer's stock worth $3,863,000 after purchasing an additional 16,509 shares in the last quarter. Finally, Avanda Investment Management Pte. Ltd. purchased a new stake in Micron Technology during the third quarter worth $418,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on MU shares. The Goldman Sachs Group boosted their target price on Micron Technology from $360.00 to $400.00 and gave the stock a "neutral" rating in a research report on Thursday, March 19th. Wedbush boosted their target price on Micron Technology from $320.00 to $500.00 and gave the stock an "outperform" rating in a research report on Friday, March 13th. Susquehanna boosted their price target on Micron Technology from $345.00 to $525.00 and gave the stock a "positive" rating in a report on Monday, March 9th. JPMorgan Chase & Co. boosted their price target on Micron Technology from $350.00 to $550.00 and gave the stock an "overweight" rating in a report on Thursday, March 19th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $500.00 price target on shares of Micron Technology in a report on Monday, March 16th. Five analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $495.63.

Micron Technology News Summary

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

Insiders Place Their Bets

In related news, EVP Sumit Sadana sold 24,000 shares of the company's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $421.35, for a total value of $10,112,400.00. Following the completion of the transaction, the executive vice president directly owned 224,021 shares in the company, valued at approximately $94,391,248.35. This represents a 9.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven J. Gomo sold 2,000 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $787.03, for a total value 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. The trade was a 10.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 106,000 shares of company stock valued at $47,032,460. 0.24% of the stock is owned by company insiders.

Micron Technology Stock Performance

NASDAQ MU opened at $803.63 on Thursday. Micron Technology, Inc. has a fifty-two week low of $90.93 and a fifty-two week high of $818.67. The stock has a market cap of $906.28 billion, a price-to-earnings ratio of 37.94 and a beta of 1.91. The business has a fifty day moving average of $464.69 and a 200-day moving average of $364.25. The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 0.13.

Micron Technology Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, March 30th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.1%. This is a positive change from Micron Technology's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Monday, March 30th. Micron Technology's payout ratio is presently 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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