ICICI Prudential Asset Management Co Ltd Boosts Holdings in Micron Technology, Inc. $MU

ICICI Prudential Asset Management Co Ltd raised its position in Micron Technology, Inc. (NASDAQ:MU) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,060 shares of the semiconductor manufacturer’s stock after buying an additional 874 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Micron Technology were worth $5,155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MU. High Note Wealth LLC grew its position in shares of Micron Technology by 65.4% during the fourth quarter. High Note Wealth LLC now owns 86 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 34 shares in the last quarter. Elevation Wealth Partners LLC grew its holdings in Micron Technology by 295.8% during the 4th quarter. Elevation Wealth Partners LLC now owns 95 shares of the semiconductor manufacturer’s stock worth $27,000 after acquiring an additional 71 shares in the last quarter. Steigerwald Gordon & Koch Inc. raised its stake in shares of Micron Technology by 4,800.0% in the 4th quarter. Steigerwald Gordon & Koch Inc. now owns 98 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 96 shares in the last quarter. GHP Investment Advisors Inc. lifted its position in shares of Micron Technology by 91.2% during the fourth quarter. GHP Investment Advisors Inc. now owns 109 shares of the semiconductor manufacturer’s stock worth $31,000 after purchasing an additional 52 shares during the last quarter. Finally, Joseph Group Capital Management bought a new stake in Micron Technology in the fourth quarter valued at about $31,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In other Micron Technology news, EVP Sumit Sadana sold 24,000 shares of the business’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the sale, the executive vice president owned 224,021 shares in the company, valued at approximately $94,391,248.35. The trade was a 9.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven J. Gomo sold 2,000 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $787.03, for a total transaction of $1,574,060.00. Following the completion of the transaction, the director owned 17,139 shares of the company’s stock, valued at approximately $13,488,907.17. The trade was a 10.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 146,000 shares of company stock worth $85,486,715. Company insiders own 0.24% of the company’s stock.

Micron Technology Stock Performance

Shares of MU opened at $995.87 on Friday. The firm’s 50 day moving average is $665.31 and its 200-day moving average is $459.87. The stock has a market capitalization of $1.12 trillion, a P/E ratio of 47.02 and a beta of 2.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32. Micron Technology, Inc. has a 12-month low of $103.38 and a 12-month high of $1,089.29.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 EPS for the quarter, beating the consensus estimate of $9.19 by $3.01. The business had revenue of $23.86 billion during the quarter, compared to analyst estimates of $19.97 billion. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The business’s quarterly revenue was up 196 on a year-over-year basis. During the same period in the prior year, the business earned $1.56 earnings per share. Equities research analysts anticipate that Micron Technology, Inc. will post 59.23 EPS for the current fiscal year.

Micron Technology Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Monday, March 30th were issued a dividend of $0.15 per share. This is a positive change from Micron Technology’s previous quarterly dividend of $0.12. This represents a $0.60 annualized dividend and a dividend yield of 0.1%. The ex-dividend date of this dividend was Monday, March 30th. Micron Technology’s dividend payout ratio (DPR) is currently 2.83%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MU shares. KeyCorp boosted their price target on Micron Technology from $450.00 to $600.00 and gave the company an “overweight” rating in a report on Thursday, March 19th. Mizuho upped their target price on Micron Technology to $800.00 and gave the company an “outperform” rating in a report on Tuesday, May 19th. Royal Bank Of Canada increased their target price on Micron Technology from $425.00 to $525.00 and gave the stock an “outperform” rating in a research report on Monday, March 16th. JPMorgan Chase & Co. boosted their target price on shares of Micron Technology from $350.00 to $550.00 and gave the company an “overweight” rating in a research note on Thursday, March 19th. Finally, DA Davidson started coverage on Micron Technology in a research note on Monday, May 11th. They set a “buy” rating and a $1,000.00 target price on the stock. Five analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $737.63.

Micron Technology News Roundup

Here are the key news stories impacting Micron Technology this week:

• Positive Sentiment: Analysts raised outlooks on Micron after strong AI-memory demand and improving earnings expectations, reinforcing the case for more upside. Beyond Micron: 2 AI Stocks That Could Deliver Explosive Returns
• Positive Sentiment: Wolfe Research and other firms lifted price targets, signaling that Wall Street thinks Micron’s AI memory boom can keep driving results and valuation higher. Analyst raises Micron stock price target by 127%
• Positive Sentiment: Nvidia CEO Jensen Huang reportedly singled out Micron as a major beneficiary of AI spending, which strengthens confidence in Micron’s HBM4 and high-bandwidth memory position. Micron Got a Major Vote of Confidence From Nvidia’s Jensen Huang on AI Returns
• Positive Sentiment: Micron advanced construction on its large New York semiconductor project by selecting Bechtel as EPC partner, supporting long-term manufacturing expansion and domestic supply-chain resilience. Micron Selects Bechtel as Construction Partner for Historic New York Semiconductor Project

Micron Technology Profile

Micron Technology, Inc is a global semiconductor company that designs and manufactures memory and storage solutions. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, solid-state drives (SSDs), memory modules and embedded memory solutions for a wide range of computing and electronic devices. Micron supplies components used in data centers, enterprise and cloud infrastructure, client computing, mobile devices, automotive systems and industrial applications, and also markets consumer-facing products under the Crucial brand.

Founded in 1978 and headquartered in Boise, Idaho, Micron has grown into an international manufacturer with research, development and production facilities across multiple regions.