NRI Wealth Management LC Buys New Stake in Micron Technology, Inc. (NASDAQ:MU)

NRI Wealth Management LC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,002 shares of the semiconductor manufacturer’s stock, valued at approximately $1,010,000. Micron Technology makes up about 0.7% of NRI Wealth Management LC’s investment portfolio, making the stock its 20th largest holding.

Several other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Micron Technology by 14.7% during the fourth quarter. GAMMA Investing LLC now owns 17,894 shares of the semiconductor manufacturer’s stock worth $1,506,000 after purchasing an additional 2,295 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Micron Technology by 80.6% during the 4th quarter. Versant Capital Management Inc now owns 2,662 shares of the semiconductor manufacturer’s stock worth $224,000 after buying an additional 1,188 shares in the last quarter. Independent Solutions Wealth Management LLC boosted its position in Micron Technology by 30.7% in the 3rd quarter. Independent Solutions Wealth Management LLC now owns 20,958 shares of the semiconductor manufacturer’s stock valued at $2,174,000 after buying an additional 4,921 shares during the period. Principal Financial Group Inc. grew its stake in shares of Micron Technology by 4.4% in the third quarter. Principal Financial Group Inc. now owns 1,255,931 shares of the semiconductor manufacturer’s stock worth $130,253,000 after acquiring an additional 52,912 shares in the last quarter. Finally, Dantai Capital Ltd increased its position in shares of Micron Technology by 25.0% during the third quarter. Dantai Capital Ltd now owns 22,945 shares of the semiconductor manufacturer’s stock worth $2,380,000 after acquiring an additional 4,590 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Piper Sandler decreased their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Mizuho decreased their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. China Renaissance started coverage on Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price on the stock. Robert W. Baird decreased their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a report on Thursday, December 19th. Finally, Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $125.00 to $110.00 in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $135.24.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $87.33 on Friday. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a market cap of $97.30 billion, a price-to-earnings ratio of 128.43 and a beta of 1.16. The company’s 50-day moving average price is $99.42 and its 200 day moving average price is $105.69. Micron Technology, Inc. has a 52 week low of $79.15 and a 52 week high of $157.54.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.19. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. During the same quarter in the previous year, the company posted ($0.95) EPS. The firm’s revenue for the quarter was up 84.3% on a year-over-year basis. As a group, research analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 30th will be paid a $0.115 dividend. The ex-dividend date is Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s payout ratio is currently 13.26%.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares in the company, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by company insiders.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.