Elevation Point Wealth Partners LLC Grows Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Elevation Point Wealth Partners LLC raised its holdings in Micron Technology, Inc. (NASDAQ:MU) by 13.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 13,004 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,553 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Micron Technology were worth $1,130,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. E Fund Management Co. Ltd. increased its holdings in shares of Micron Technology by 31.8% in the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock valued at $3,062,000 after purchasing an additional 8,780 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Micron Technology by 43.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer’s stock worth $1,193,000 after acquiring an additional 4,264 shares during the period. Landscape Capital Management L.L.C. grew its holdings in Micron Technology by 167.0% during the fourth quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer’s stock worth $3,851,000 after acquiring an additional 28,621 shares during the period. Duquesne Family Office LLC acquired a new stake in Micron Technology during the fourth quarter worth about $34,412,000. Finally, Janus Henderson Group PLC grew its holdings in Micron Technology by 74.6% during the fourth quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer’s stock worth $222,779,000 after acquiring an additional 1,130,680 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

NASDAQ MU opened at $115.60 on Friday. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $157.54. The company has a market capitalization of $129.19 billion, a P/E ratio of 33.31 and a beta of 1.28. The business has a 50 day moving average price of $88.20 and a 200 day moving average price of $92.57. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the business posted $0.42 EPS. Micron Technology’s quarterly revenue was up 38.2% on a year-over-year basis. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend was Monday, March 31st. Micron Technology’s dividend payout ratio (DPR) is presently 11.03%.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the sale, the director now owns 24,954 shares of the company’s stock, valued at $1,996,320. This trade represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. The trade was a 8.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,904 shares of company stock worth $4,665,124 over the last three months. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MU has been the topic of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. Mizuho raised their target price on Micron Technology from $124.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, June 5th. Royal Bank of Canada set a $125.00 target price on Micron Technology in a research report on Wednesday, March 19th. UBS Group lifted their price objective on Micron Technology from $92.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 5th. Finally, Robert W. Baird lifted their price objective on Micron Technology from $130.00 to $163.00 and gave the stock an “outperform” rating in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $129.00.

Micron Technology 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.