Zurcher Kantonalbank Zurich Cantonalbank Has $219.82 Million Holdings in Micron Technology, Inc. $MU

Key Points

• Zurcher Kantonalbank boosted its stake in Micron by 108.6% in Q4, now owning 770,180 shares worth about $219.82 million (0.07% of MU and 0.5% of the bank’s portfolio).
• Analysts have grown increasingly bullish—firms like Piper Sandler, Bank of America and HSBC raised targets (to $400–$500) and the consensus price target is $464.61, with the majority of ratings at Buy/Strong Buy.
• Meanwhile, insiders have been trimming positions: two EVPs sold a combined 50,623 shares (at roughly $391 and $421), and insiders sold 115,623 shares worth $45.17 million over the past three months.

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 108.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 770,180 shares of the semiconductor manufacturer's stock after purchasing an additional 400,951 shares during the period. Micron Technology makes up 0.5% of Zurcher Kantonalbank Zurich Cantonalbank's investment portfolio, making the stock its 22nd biggest holding. Zurcher Kantonalbank Zurich Cantonalbank owned 0.07% of Micron Technology worth $219,817,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in shares of Micron Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 104,653,450 shares of the semiconductor manufacturer's stock worth $17,510,615,000 after buying an additional 773,788 shares during the last quarter. State Street Corp increased its holdings in shares of Micron Technology by 0.6% during 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 acquiring an additional 285,582 shares during the last quarter. Capital International Investors raised its stake in shares of Micron Technology by 0.7% in the 3rd quarter. Capital International Investors now owns 23,372,821 shares of the semiconductor manufacturer's stock valued at $3,910,198,000 after acquiring an additional 155,860 shares in the last quarter. Invesco Ltd. raised its stake in shares of Micron Technology by 8.0% in the 3rd quarter. Invesco Ltd. now owns 9,622,166 shares of the semiconductor manufacturer's stock valued at $1,609,981,000 after acquiring an additional 708,716 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings in Micron Technology by 1.9% in the 3rd 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 during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MU has been the topic of several analyst reports. Piper Sandler increased their price target on Micron Technology from $275.00 to $400.00 and gave the company an "overweight" rating in a report on Wednesday, January 7th. William Blair assumed coverage on shares of Micron Technology in a research note on Thursday, January 22nd. They issued an "outperform" rating for the company. Phillip Securities raised shares of Micron Technology to a "strong-buy" rating in a report on Monday, February 2nd. Bank of America raised their target price on shares of Micron Technology from $400.00 to $500.00 and gave the company a "buy" rating in a research note on Thursday, March 19th. Finally, HSBC boosted their target price on shares of Micron Technology from $350.00 to $500.00 and gave the stock a "buy" rating in a research report on Friday, January 23rd. Five investment analysts have rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $464.61.

Insider Buying and Selling

In other news, EVP Manish H. Bhatia sold 26,623 shares of Micron Technology stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $391.04, for a total transaction of $10,410,657.92. Following the sale, the executive vice president owned 323,486 shares of the company's stock, valued at approximately $126,495,965.44. This trade represents a 7.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sumit Sadana sold 24,000 shares of the business's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $421.35, for a total value of $10,112,400.00. Following the sale, the executive vice president 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 115,623 shares of company stock valued at $45,165,908 over the last three months. 0.24% of the stock is owned by corporate insiders.

Micron Technology Stock Performance

NASDAQ MU opened at $455.07 on Monday. The company's fifty day moving average is $406.41 and its two-hundred day moving average is $319.30. Micron Technology, Inc. has a 52-week low of $65.64 and a 52-week high of $471.34. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32. The firm has a market capitalization of $513.20 billion, a price-to-earnings ratio of 21.49 and a beta of 1.60.

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 given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. This is a boost from Micron Technology's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Monday, March 30th. Micron Technology's dividend payout ratio (DPR) 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.

Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU - Free Report).

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.