Mackenzie Financial Corp Trims Holdings in Micron Technology
Mackenzie Financial Corp lowered its holdings in Micron Technology, Inc. (NASDAQ:MU) by 26.2% during the 4th quarter, as disclosed in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor held 154,160 shares of the semiconductor manufacturer’s stock after selling 54,769 shares during the period. As of its latest SEC filing, Mackenzie Financial Corp’s holdings in Micron Technology were valued at $12,974,000.
Institutional Investors’ Moves
Several other hedge funds have recently adjusted their stakes in Micron Technology. Sunbeam Capital Management LLC established a new position in the company’s shares during the 4th quarter, valued at $26,000. Beacon Capital Management LLC increased its position by 114.9%, now owning 374 shares worth $31,000. Midwest Capital Advisors LLC also acquired a new stake valued at $33,000. Additionally, Activest Wealth Management and Comprehensive Financial Planning Inc. PA increased their positions, with Activest Wealth Management’s stake rising by 583.3% to 410 shares valued at $34,000.
Insider Transactions
In related news, Micron Technology insiders have made significant transactions. EVP April S. Arnzen sold 15,000 shares on March 25th at an average price of $96.18, reducing her holdings by 8.34%. Director Mary Pat MccCarthy sold 2,404 shares on May 2nd at $80.00, decreasing her position by 8.79%. Insiders collectively sold 19,808 shares valued at $1,858,424 over the last quarter. Despite these sales, insiders still own 0.30% of the company’s stock.
Stock Performance and Analysis
Micron Technology’s stock opened at $96.38 on Wednesday, with a 50-day moving average of $82.52 and a 200-day moving average of $92.10. The company boasts a market capitalization of $107.71 billion and a P/E ratio of 27.78. Analysts have issued various ratings for the stock, with two sell ratings, five hold ratings, eighteen buy ratings, and one strong buy rating. The consensus price target stands at $126.48, indicating a potential upside.
Recent analyst reports have adjusted their target prices for Micron Technology. Morgan Stanley lowered its target from $112.00 to $98.00 with an ‘equal weight’ rating, while JPMorgan Chase & Co. decreased its target from $145.00 to $135.00 with an ‘overweight’ rating. The company’s dividend payout ratio stands at 11.03%, with a dividend yield of 0.48%.
Micron Technology’s financial performance has been strong, with a quarterly revenue of $8.05 billion, exceeding the consensus estimate of $7.93 billion. The company reported $1.56 EPS for the quarter, beating analysts’ expectations of $1.43. With a return on equity of 8.32% and a net margin of 13.34%, Micron Technology demonstrates robust financial health.
