SBI Securities Purchases Shares of Micron Technology
SBI Securities Co. Ltd. has established a new position in Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, as indicated in the firm’s latest Form 13F filing with the Securities and Exchange Commission (SEC). This investment involved the acquisition of 52,803 shares of the semiconductor manufacturer’s stock, valued at approximately $4.44 million.
Several other institutional investors have also adjusted their holdings of Micron Technology during the same period. Beacon Capital Management LLC increased its stake by 114.9%, holding 374 shares valued at $31,000. True Wealth Design LLC significantly increased its position, owning 323 shares worth $33,000 after a substantial increase. Midwest Capital Advisors LLC initiated a new position, valued at $33,000. Stone House Investment Management LLC boosted its stake by 602.2%, holding 323 shares worth $34,000. Lastly, Activest Wealth Management increased its holdings by 583.3%, now owning 410 shares valued at $34,000.
Institutional investors and hedge funds collectively own a significant 80.84% of Micron Technology’s stock, demonstrating strong confidence in the company’s future.
Insider Activity
In related news, EVP April S. Arnzen sold 4,890 shares on December 20th at an average price of $85.21 per share, totaling $416,676.90. Following this transaction, Ms. Arnzen still directly owns 181,223 shares of the company’s stock, valued at $15.44 million. This sale represents a 2.63% decrease in her holdings. Insiders currently hold 0.30% of the company’s stock.
Analyst Ratings
Analyst ratings for Micron Technology have been updated recently. TD Cowen lowered its price target from $135.00 to $125.00 but maintained a “buy” rating. UBS Group also lowered its target price from $135.00 to $125.00, keeping a “buy” rating. JPMorgan Chase & Co. reduced its target price from $180.00 to $145.00, with an “overweight” rating. Bank of America downgraded the stock from “buy” to “neutral,” reducing the price target from $125.00 to $110.00. The Goldman Sachs Group lowered its price objective from $145.00 to $128.00 while maintaining a “buy” rating. Based on these and other analyst ratings, Micron Technology has a consensus rating of “Moderate Buy” with an average target price of $134.96.
Company Performance
Micron Technology’s stock opened at $93.63 on Friday. The company’s 52-week range is $83.54 to $157.54. The company has a current ratio of 2.72, a quick ratio of 1.75, and a debt-to-equity ratio of 0.28. Micron Technology’s market capitalization is $104.32 billion. The company’s P/E ratio is 26.98, and its beta is 1.18.
Micron Technology’s last quarterly earnings, announced on December 18th, revealed earnings per share of $1.79, surpassing the analyst consensus estimate of $1.60 by $0.19. The company’s return on equity was 8.32% with a net margin of 13.34%. Revenue for the quarter was $8.71 billion, matching analyst expectations. Equity analysts project earnings per share of $6.08 for the current fiscal year.
Dividend Update
The company declared a quarterly dividend of $0.115 per share, paid on January 15th to investors of record on December 30th. This translates to an annualized dividend of $0.46 and a yield of 0.49%. The ex-dividend date was December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.
