Sunpointe LLC Invests $234,000 in Micron Technology
In a strategic move, Sunpointe LLC has acquired a new position in Micron Technology, Inc. during the 4th quarter. The institutional investor purchased 2,740 shares of the semiconductor manufacturer’s stock, valued at approximately $234,000.
Numerous hedge funds and other institutional investors have also recently modified their holdings of Micron Technology's stock. Last quarter, Northern Trust Corp boosted its holdings by 0.7%. The firm now owns 10,833,670 shares worth $737,015,000 after acquiring an additional 80,345 shares.
Invesco Ltd. also increased its stake by 11.8%, now owning 8,807,926 shares valued at $599,203,000. Other significant investments come from Merlin Capital Inc, TCW Group Inc., and Savoie Capital LLC. As a result, 80.84% of the company’s stock is currently owned by hedge funds and institutional investors.
Micron Technology Stock Performance
NASDAQ MU saw a slight downturn, with shares down 1.2%, opening at $141.36 on Friday. The company's financial metrics reveal a current ratio of 3.74, a quick ratio of 2.40, and a debt-to-equity ratio of 0.30. Micron Technology has a 52-week low of $60.50 and a 52-week high of $144.22.
Quarterly financials released on March 20th reflected impressive performance. The semiconductor giant reported $0.42 earnings per share (EPS) for the quarter, surpassing analysts’ consensus estimates by $0.69. The firm also saw a year-over-year revenue increase of 57.7%, totaling $5.82 billion.
Micron Technology Dividend Announcement
Micron Technology recently announced its quarterly dividend, paid on April 16th. Shareholders of record as of April 1st received $0.115 per share, representing an annualized dividend of $0.46 with a yield of 0.33%. The company's dividend payout ratio currently stands at -13.33%.
Insider Buying and Selling
There has been significant insider trading activity within Micron Technology. CEO Sanjay Mehrotra sold 7,000 shares at an average price of $93.08, yielding approximately $651,560. Additionally, EVP April S. Arnzen sold 4,890 shares at an average price of $119.30, totaling around $583,377. Over the past three months, insiders have sold 372,446 shares worth approximately $44,478,193.
Analyst Ratings and Forecasts
Industry analysts are optimistic about Micron Technology's future performance. Morgan Stanley upgraded its rating from “underweight” to “equal weight”, with a price objective increasing from $98.00 to $130.00. Robert W. Baird and KeyCorp also raised their price targets to $150.00. Meanwhile, JPMorgan Chase & Co. revised their target to $130.00 with an “overweight” rating. Overall, the stock has an average rating of “Moderate Buy” with an average target price of $130.16.
Company Profile: Micron Technology
Micron Technology, Inc. is a global leader in memory and storage solutions. The company operates through four primary segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It specializes in dynamic random access memory (DRAM), non-volatile re-writable semiconductor memory, as well as providing products under the Micron and Crucial brands.
For further information, visit Micron Technology's official site.
