EP Wealth Advisors LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Posted by Defense World Staff on Sep 18th, 2023

EP Wealth Advisors LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,230 shares of the semiconductor manufacturer’s stock, valued at approximately $310,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aspire Private Capital LLC purchased a new stake in shares of Micron Technology in the first quarter valued at $12,068,000,000. 25 LLC purchased a new stake in Micron Technology during the first quarter valued at about $25,000. Barrett & Company Inc. purchased a new stake in Micron Technology during the first quarter valued at about $25,000. Cascade Investment Advisors Inc. purchased a new stake in Micron Technology during the first quarter valued at about $30,000. Finally, Trivant Custom Portfolio Group LLC purchased a new stake in Micron Technology during the first quarter valued at about $30,000. Hedge funds and other institutional investors own 79.25% of the company’s stock.

Insider Buying and Selling

In other Micron Technology news, CAO Scott R. Allen sold 13,687 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $60.80, for a total value of $832,169.60. Following the completion of the sale, the chief accounting officer now directly owns 32,094 shares in the company, valued at $1,951,315.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $71.15, for a total value of $498,050.00. Following the completion of the sale, the chief executive officer now directly owns 582,862 shares in the company, valued at $41,470,631.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Scott R. Allen sold 13,687 shares of the stock in a transaction on Monday, July 10th. The shares were sold at an average price of $60.80, for a total value of $832,169.60. Following the sale, the chief accounting officer now owns 32,094 shares of the company’s stock, valued at approximately $1,951,315.20. The disclosure for this sale can be found here. Insiders sold 226,810 shares of company stock valued at $15,577,970 in the last three months. 0.33% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MU shares. Bank of America boosted their price target on Micron Technology from $68.00 to $76.00 in a research report on Thursday, June 29th. 22nd Century Group reissued a “maintains” rating on shares of Micron Technology in a research report on Thursday, June 29th. Raymond James boosted their price objective on Micron Technology from $70.00 to $76.00 in a research note on Thursday, June 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on Micron Technology from $55.00 to $65.00 in a research note on Monday, June 12th. Finally, Barclays boosted their price objective on Micron Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $73.86.

Check Out Our Latest Stock Report on MU

Micron Technology Stock Down 2.7 %

NASDAQ:MU opened at $69.88 on Monday. The firm has a market capitalization of $76.54 billion, a PE ratio of -26.07 and a beta of 1.36. The stock has a 50 day moving average of $67.14 and a 200-day moving average of $64.27. Micron Technology, Inc. has a 52 week low of $48.43 and a 52 week high of $74.77. The company has a current ratio of 4.26, a quick ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU – Get Free Report) last posted its earnings results on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) EPS for the quarter, beating the consensus estimate of ($1.61) by $0.18. Micron Technology had a negative return on equity of 5.40% and a negative net margin of 16.02%. The company had revenue of $3.75 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period in the prior year, the company earned $2.50 earnings per share. The business’s revenue was down 56.6% compared to the same quarter last year. Analysts predict that Micron Technology, Inc. will post -5.07 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Monday, July 10th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date of this dividend was Friday, July 7th. Micron Technology’s dividend payout ratio (DPR) is -17.16%.

Micron Technology Profile

(Free Report)

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.