Summit Wealth Group LLC Co. Makes New $493,000 Investment in Micron Technology, Inc. $MU

Key Points

• Summit Wealth Group LLC opened a new position in Micron Technology during the fourth quarter, buying 1,729 shares worth about $493,000.
• Micron has continued to attract major institutional support, with firms like Vanguard, State Street, and others increasing their stakes; institutional investors now own 80.84% of the stock.
• Wall Street sentiment remains bullish, with multiple analysts raising price targets and the stock carrying a Buy consensus rating, while the company also recently increased its quarterly dividend from $0.12 to $0.15.

Summit Wealth Group LLC Co. purchased a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 1,729 shares of the semiconductor manufacturer's stock, valued at approximately $493,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Micron Technology by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 106,608,094 shares of the semiconductor manufacturer's stock worth $30,427,016,000 after purchasing an additional 1,954,644 shares in the last quarter. State Street Corp boosted its stake in Micron Technology by 0.6% in the 3rd quarter. State Street Corp now owns 51,659,173 shares of the semiconductor manufacturer's stock valued at $8,643,613,000 after buying an additional 285,582 shares in the last quarter. Capital International Investors boosted its stake in Micron Technology by 0.7% in the third quarter. Capital International Investors now owns 23,372,821 shares of the semiconductor manufacturer's stock worth $3,910,198,000 after purchasing an additional 155,860 shares in the last quarter. Invesco Ltd. boosted its stake in Micron Technology by 8.0% in the third quarter. Invesco Ltd. now owns 9,622,166 shares of the semiconductor manufacturer's stock worth $1,609,981,000 after purchasing an additional 708,716 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Micron Technology by 1.9% in the third quarter. Legal & General Group Plc now owns 7,275,842 shares of the semiconductor manufacturer's stock worth $1,217,394,000 after purchasing an additional 135,850 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Trading Up 4.8%

NASDAQ MU opened at $803.63 on Thursday. The stock has a 50-day simple moving average of $464.69 and a 200 day simple moving average of $364.25. The company has a market capitalization of $906.28 billion, a PE ratio of 37.94 and a beta of 1.91. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 0.13. Micron Technology, Inc. has a 12 month low of $90.93 and a 12 month high of $818.67.

Micron Technology Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 30th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change 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%. Micron Technology's payout ratio is presently 2.83%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MU. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $350.00 to $550.00 and gave the stock an "overweight" rating in a research note on Thursday, March 19th. UBS Group boosted their price objective on Micron Technology from $510.00 to $535.00 and gave the stock a "buy" rating in a research note on Wednesday, April 8th. Rosenblatt Securities reissued a "buy" rating and issued a $500.00 price objective on shares of Micron Technology in a research note on Monday, March 16th. Mizuho boosted their price objective on Micron Technology from $480.00 to $530.00 and gave the stock an "outperform" rating in a research note on Thursday, March 19th. Finally, Stifel Nicolaus boosted their target price on Micron Technology from $360.00 to $550.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. Five analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $495.63.

More Micron Technology News

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 other Micron Technology news, CEO Sanjay Mehrotra sold 40,000 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $536.26, for a total value of $21,450,400.00. Following the completion of the transaction, the chief executive officer directly owned 424,503 shares of the company's stock, valued at approximately $227,643,978.78. The trade was a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 40,000 shares of the business's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $347.39, for a total value of $13,895,600.00. Following the completion of the transaction, the executive vice president directly owned 125,737 shares of the company's stock, valued at approximately $43,679,776.43. The trade was a 24.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 106,000 shares of company stock valued at $47,032,460 in the last three months. Insiders own 0.24% of the company's stock.

Micron Technology 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.