PKO Investment Management Joint Stock Co Acquires Significant Stake in Micron Technology
PKO Investment Management Joint Stock Co has acquired a new position in Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to its latest filing with the Securities and Exchange Commission (SEC). The firm purchased 72,000 shares of the semiconductor manufacturer’s stock, valued at approximately $6.06 million. This investment now constitutes about 0.8% of PKO Investment Management Joint Stock Co’s portfolio, making Micron Technology its 27th largest holding.
Other Institutional Investors Adjust Holdings
Several other hedge funds and institutional investors have also modified their holdings in Micron Technology. Notable changes include:
- Sunbeam Capital Management LLC establishing a new position valued at approximately $26,000.
- Beacon Capital Management LLC increasing its holdings by 114.9%, now owning 374 shares worth $31,000.
- Midwest Capital Advisors LLC acquiring a new stake worth $33,000.
- Activest Wealth Management growing its holdings by 583.3%, now owning 410 shares valued at $34,000.
- Comprehensive Financial Planning Inc. PA establishing a new position valued at $34,000.
Currently, 80.84% of Micron Technology’s stock is owned by hedge funds and other institutional investors.
Micron Technology’s Recent Performance
Shares of Micron Technology (MU) traded down $0.20 during midday trading on Wednesday, hitting $96.18. The stock has a market capitalization of $107.49 billion, with a price-to-earnings ratio of 27.72 and a beta of 1.21. The company reported earnings per share (EPS) of $1.56 for the last quarter, surpassing analysts’ consensus estimates of $1.43. Micron Technology’s quarterly revenue was $8.05 billion, a 38.2% increase compared to the same quarter last year.
Dividend Announcement
Micron Technology recently announced a quarterly dividend, which was paid on April 15th. Investors of record on March 31st received a dividend of $0.115 per share, representing an annualized dividend of $0.46 and a yield of 0.48%. The company’s dividend payout ratio is 11.03%.
Insider Transactions
In recent insider transactions, Director Mary Pat McCarthy sold 2,404 shares on March 3rd at an average price of $92.93, reducing her stake by 8.08%. EVP April S. Arnzen also sold 15,000 shares on March 25th at $96.18, decreasing her ownership by 8.34%. In the last 90 days, insiders have sold 19,808 shares valued at $1.86 million. Company insiders currently own 0.30% of the stock.
Analyst Ratings
Several equities analysts have recently adjusted their ratings for Micron Technology. Barclays reduced its target price from $115.00 to $95.00 while maintaining an ‘overweight’ rating. China Renaissance downgraded the stock from ‘buy’ to ‘hold’ with a target price of $84.00. The stock currently has a consensus rating of ‘Moderate Buy’ with an average price target of $126.48.
Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four business segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. Micron Technology provides various memory and storage technologies, including dynamic random access memory semiconductor devices and non-volatile semiconductor storage devices under the Micron and Crucial brands.
