SteelPeak Wealth LLC Reduces Holdings in Micron Technology, Inc. (NASDAQ:MU)

SteelPeak Wealth LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU) by 39.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,306 shares of the semiconductor manufacturer’s stock after selling 1,525 shares during the quarter. SteelPeak Wealth LLC’s holdings in Micron Technology were worth $272,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of MU. TCW Group Inc. boosted its position in Micron Technology by 5.7% in the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after buying an additional 28,649 shares during the last quarter. Gulf International Bank UK Ltd boosted its holdings in shares of Micron Technology by 6.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after acquiring an additional 5,958 shares during the last quarter. Savoie Capital LLC acquired a new stake in shares of Micron Technology in the third quarter worth $4,229,000. TrinityPoint Wealth LLC raised its holdings in shares of Micron Technology by 33.9% during the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after purchasing an additional 8,736 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its position in Micron Technology by 176.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock valued at $1,349,000 after purchasing an additional 10,096 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $131.53 on Monday. The stock has a market cap of $145.85 billion, a P/E ratio of -92.63 and a beta of 1.18. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The company has a 50-day moving average price of $128.07 and a 200 day moving average price of $106.46. Micron Technology, Inc. has a 12-month low of $60.50 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter last year, the firm earned ($1.57) earnings per share. The firm’s quarterly revenue was up 81.5% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology, Inc. will post 0.39 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Investors of record on Monday, July 8th will be given a dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. Micron Technology’s payout ratio is currently -32.39%.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the sale, the executive vice president now directly owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 304,840 shares of company stock worth $37,961,924. Insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler lifted their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday. Wolfe Research raised their price target on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Argus upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price objective for the company in a research report on Thursday, March 21st. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, The Goldman Sachs Group increased their target price on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $158.52.

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.