SteelPeak Wealth LLC Sells 12,941 Shares of Micron Technology, Inc. $MU

Key Points

• SteelPeak Wealth LLC has reduced its stake in Micron Technology by 76.8%, selling 12,941 shares and now owning 3,920 shares worth approximately $483,000.
• Micron Technology announced a quarterly dividend of $0.115 per share, with an upcoming payment date of October 21st and an ex-dividend date of October 3rd.
• Analysts have raised their target prices for Micron Technology, with estimates reaching as high as $225, indicating strong market confidence in the company.

SteelPeak Wealth LLC trimmed its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 76.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,920 shares of the semiconductor manufacturer's stock after selling 12,941 shares during the quarter. SteelPeak Wealth LLC's holdings in Micron Technology were worth $483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Opal Wealth Advisors LLC bought a new position in Micron Technology during the 1st quarter worth approximately $33,000. AllSquare Wealth Management LLC grew its position in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in Micron Technology during the 1st quarter worth approximately $36,000. Hilltop National Bank bought a new position in Micron Technology during the 2nd quarter worth approximately $37,000. Finally, Saudi Central Bank bought a new position in Micron Technology during the 1st quarter worth approximately $38,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Trading Up 5.8%

NASDAQ MU opened at $196.54 on Thursday. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $201.00. The firm has a market capitalization of $220.61 billion, a PE ratio of 25.89, a P/E/G ratio of 0.41 and a beta of 1.56. The stock's 50 day moving average is $139.60 and its 200 day moving average is $112.59.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. Micron Technology's payout ratio is currently 6.06%.

Insider Activity at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $164.04, for a total transaction of $2,460,600.00. Following the sale, the executive vice president directly owned 131,580 shares in the company, valued at $21,584,383.20. The trade was a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 21,563 shares of the business's stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $188.47, for a total value of $4,063,978.61. Following the completion of the sale, the chief executive officer directly owned 272,648 shares in the company, valued at $51,385,968.56. This trade represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,956 shares of company stock worth $22,841,025 over the last ninety days. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Cantor Fitzgerald boosted their target price on Micron Technology from $185.00 to $200.00 and gave the company an "overweight" rating in a research note on Wednesday, September 24th. UBS Group boosted their target price on Micron Technology from $195.00 to $225.00 and gave the company a "buy" rating in a research note on Wednesday. The Goldman Sachs Group boosted their target price on Micron Technology from $130.00 to $145.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft boosted their target price on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Finally, Bank of America boosted their target price on Micron Technology from $140.00 to $180.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $190.48.

Micron Technology Profile

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.

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