SRS Capital Advisors Inc. Increases Holdings in Micron Technology, Inc. (NASDAQ:MU)

Posted by Defense World Staff on Jun 17th, 2023

SRS Capital Advisors Inc. grew its holdings in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 3.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,204 shares of the semiconductor manufacturer’s stock after acquiring an additional 189 shares during the period. SRS Capital Advisors Inc.’s holdings in Micron Technology were worth $310,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in MU. Sei Investments Co. increased its holdings in shares of Micron Technology by 12.8% in the first quarter. Sei Investments Co. now owns 350,644 shares of the semiconductor manufacturer’s stock worth $27,314,000 after purchasing an additional 39,693 shares during the last quarter. Prudential PLC bought a new stake in shares of Micron Technology in the first quarter worth about $1,672,000. Brighton Jones LLC increased its stake in Micron Technology by 12.3% during the first quarter. Brighton Jones LLC now owns 2,909 shares of the semiconductor manufacturer’s stock worth $227,000 after acquiring an additional 318 shares during the last quarter. Baird Financial Group Inc. increased its stake in Micron Technology by 9.2% during the first quarter. Baird Financial Group Inc. now owns 200,423 shares of the semiconductor manufacturer’s stock worth $15,611,000 after acquiring an additional 16,953 shares during the last quarter. Finally, Zions Bancorporation N.A. increased its stake in Micron Technology by 52.5% during the first quarter. Zions Bancorporation N.A. now owns 2,121 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 730 shares during the last quarter. 78.02% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Micron Technology

In other news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president now owns 208,340 shares in the company, valued at approximately $12,500,400. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Scott J. Deboer sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the executive vice president now owns 208,340 shares in the company, valued at approximately $12,500,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard M. Beyer sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $59.88, for a total value of $239,520.00. Following the completion of the transaction, the director now owns 95,660 shares in the company, valued at $5,728,120.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 64,000 shares of company stock valued at $4,102,320. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MU has been the topic of several analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Micron Technology in a research note on Wednesday, March 29th. Needham & Company LLC boosted their price objective on Micron Technology from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, March 29th. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 29th. Bank of America boosted their price objective on Micron Technology from $58.00 to $68.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 29th. Finally, TD Cowen boosted their price objective on Micron Technology from $66.00 to $70.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 29th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.38.

Micron Technology Trading Down 1.7 %

MU stock opened at $67.66 on Friday. The firm has a market cap of $73.82 billion, a P/E ratio of 48.68 and a beta of 1.39. Micron Technology, Inc. has a 52-week low of $48.43 and a 52-week high of $74.77. The company’s 50-day simple moving average is $64.72 and its 200-day simple moving average is $59.67. The company has a quick ratio of 2.62, a current ratio of 4.17 and a debt-to-equity ratio of 0.25.

Micron Technology (NASDAQ:MU – Get Rating) last issued its quarterly earnings results on Tuesday, March 28th. The semiconductor manufacturer reported ($1.91) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.75) by ($1.16). The company had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.71 billion. Micron Technology had a net margin of 6.99% and a return on equity of 3.98%. The company’s quarterly revenue was down 52.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.05 earnings per share. As a group, equities analysts forecast that Micron Technology, Inc. will post -5.28 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 25th. Stockholders of record on Monday, April 10th were given a $0.115 dividend. The ex-dividend date was Thursday, April 6th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.68%. Micron Technology’s dividend payout ratio (DPR) is presently 33.09%.

Micron Technology Profile

(Get Rating)

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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.