Institutional Investor Boosts Micron Technology Holdings
Northern Trust Corp significantly increased its stake in Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to its latest disclosure with the Securities & Exchange Commission. The institutional investor boosted its position by 13.7%, resulting in ownership of 10,712,056 shares valued at $901,527,000 at the end of the quarter. This represents 0.96% of Micron Technology’s total stock.
Other Institutional Investors Follow Suit
Several other hedge funds and institutional investors have also modified their Micron Technology holdings. Beacon Capital Management LLC increased its stake by 114.9%, now owning 374 shares valued at $31,000. Midwest Capital Advisors LLC and Comprehensive Financial Planning Inc. PA both established new positions in the semiconductor manufacturer during the fourth quarter, with holdings worth approximately $33,000 and $34,000, respectively. Activest Wealth Management and Curio Wealth LLC also acquired new stakes in the company.
Analyst Ratings and Price Targets
Multiple equities research analysts have recently issued reports on Micron Technology. Rosenblatt Securities lowered their price objective from $250.00 to $200.00 while maintaining a ‘buy’ rating. Robert W. Baird increased their price target from $130.00 to $163.00 and assigned an ‘outperform’ rating. The stock currently holds a consensus rating of ‘Moderate Buy’ with an average target price of $127.04 among analysts.
Financial Performance and Dividend Announcement
Micron Technology recently reported earnings per share (EPS) of $1.56 for the quarter, surpassing the consensus estimate of $1.43. The company’s revenue reached $8.05 billion, exceeding analysts’ expectations of $7.93 billion. The semiconductor manufacturer also declared a quarterly dividend, which was paid on April 15th, with shareholders of record on March 31st receiving $0.115 per share. This represents an annualized dividend of $0.46 and a yield of 0.59%.
Insider Activity and Company Profile
Recent insider transactions include EVP April S. Arnzen selling 15,000 shares and Director Mary Pat Mccarthy selling 2,404 shares. Corporate insiders collectively own 0.30% of the company’s stock. Micron Technology designs, develops, manufactures, and sells memory and storage products worldwide through various business segments, including Compute and Networking, Mobile, Embedded, and Storage Business Units.
The stock opened at $78.56 on Tuesday, with a market capitalization of $87.80 billion and a price-to-earnings ratio of 22.64. Analysts expect the company to post earnings per share of 6.08 for the current year. With 80.84% of the stock owned by hedge funds and institutional investors, Micron Technology remains a significant player in the semiconductor industry.
