Trivest Advisors Ltd Takes $80.05 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Trivest Advisors Ltd made a significant new investment of approximately $80.05 million in Micron Technology, acquiring about 921,300 shares, which represents around 6.8% of its investment portfolio.
• Multiple analysts have recently raised their price targets for Micron Technology, with Citigroup now at $150 and Wells Fargo at $170, indicating a generally favorable outlook on the stock.
• Micron Technology recently reported an earnings per share (EPS) of $1.91, exceeding analysts' expectations of $1.57, alongside a revenue of $9.30 billion for the quarter.

Trivest Advisors Ltd purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 921,300 shares of the semiconductor manufacturer's stock, valued at approximately $80,052,000. Micron Technology accounts for about 6.8% of Trivest Advisors Ltd's investment portfolio, making the stock its 7th biggest holding. Trivest Advisors Ltd owned approximately 0.08% of Micron Technology as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MU. FMR LLC increased its position in Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after acquiring an additional 12,249,341 shares during the period. Capital World Investors increased its position in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the period. Geode Capital Management LLC increased its position in Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock worth $2,052,973,000 after acquiring an additional 726,282 shares during the period. Capital International Investors increased its position in Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after acquiring an additional 4,375,232 shares during the period. Finally, Capital Research Global Investors increased its holdings in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the period. Institutional investors own 80.84% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MU shares. TD Cowen boosted their price target on shares of Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Mizuho boosted their price target on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Piper Sandler boosted their price target on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. The Goldman Sachs Group started coverage on shares of Micron Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $130.00 price target on the stock. Finally, Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Trading Down 4.2%

Shares of MU stock traded down $4.64 on Friday, reaching $104.50. The company had a trading volume of 17,694,559 shares, compared to its average volume of 23,267,244. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The stock has a market cap of $116.95 billion, a PE ratio of 18.89 and a beta of 1.35. The company has a 50-day moving average of $114.13 and a 200-day moving average of $97.94. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the prior year, the business posted $0.62 EPS. On average, equities analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio is presently 8.29%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the company's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the transaction, the executive vice president owned 201,326 shares of the company's stock, valued at $25,264,399.74. This represents a 31.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock worth $34,679,277 in the last quarter. Company insiders own 0.30% of the company's stock.

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.