Pinnacle Associates Ltd. Sells 12,459 Shares of Micron Technology, Inc. $MU

Pinnacle Associates Ltd. lessened its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 3.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 338,893 shares of the semiconductor manufacturer’s stock after selling 12,459 shares during the period. Micron Technology accounts for 1.2% of Pinnacle Associates Ltd.’s holdings, making the stock its 15th biggest holding. Pinnacle Associates Ltd.’s holdings in Micron Technology were worth $96,723,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Manning & Napier Advisors LLC increased its stake in Micron Technology by 2.4% in the fourth quarter. Manning & Napier Advisors LLC now owns 1,030 shares of the semiconductor manufacturer’s stock valued at $301,000 after purchasing an additional 24 shares in the last quarter. Round Rock Advisors LLC increased its stake in Micron Technology by 0.6% in the fourth quarter. Round Rock Advisors LLC now owns 4,333 shares of the semiconductor manufacturer’s stock valued at $1,237,000 after purchasing an additional 25 shares in the last quarter. Arlington Trust Co LLC increased its stake in Micron Technology by 26.3% in the fourth quarter. Arlington Trust Co LLC now owns 120 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 25 shares in the last quarter. Manuka Financial LLC increased its stake in Micron Technology by 2.3% in the fourth quarter. Manuka Financial LLC now owns 1,243 shares of the semiconductor manufacturer’s stock valued at $355,000 after purchasing an additional 28 shares in the last quarter. Finally, Valued Wealth Advisors LLC increased its stake in Micron Technology by 20.9% in the fourth quarter. Valued Wealth Advisors LLC now owns 168 shares of the semiconductor manufacturer’s stock valued at $48,000 after purchasing an additional 29 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling at Micron Technology

In other news, EVP Sumit Sadana sold 24,000 shares of the business’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the completion of the sale, the executive vice president directly owned 224,021 shares of the company’s stock, valued at $94,391,248.35. The trade was a 9.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 40,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $536.26, for a total transaction of $21,450,400.00. Following the sale, the chief executive officer directly owned 424,503 shares of the company’s stock, valued at approximately $227,643,978.78. The trade was a 8.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 106,000 shares of company stock valued at $47,032,460. Insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on MU. Morgan Stanley lifted their price target on shares of Micron Technology from $350.00 to $450.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. Needham & Company LLC lifted their price target on shares of Micron Technology from $450.00 to $500.00 and gave the company a “buy” rating in a research note on Thursday, March 19th. Stifel Nicolaus lifted their price target on shares of Micron Technology from $360.00 to $550.00 and gave the company a “buy” rating in a research note on Monday, March 2nd. UBS Group lifted their price target on shares of Micron Technology from $510.00 to $535.00 and gave the company a “buy” rating in a research note on Wednesday, April 8th. Finally, Barclays lifted their price target on shares of Micron Technology from $450.00 to $675.00 and gave the company an “overweight” rating in a research note on Thursday, March 19th. Five analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $495.63.

Micron Technology News Roundup

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

• Positive Sentiment: Analysts and market commentators say Micron is benefiting from surging demand for HBM, DRAM and AI infrastructure memory, with supply still tight. BofA Sees More Room for Micron’s AI Rally
• Positive Sentiment: Micron is being highlighted as a direct AI winner, with articles arguing the company is still early in the AI cycle rather than near the top of it. Why Daniel Newman Thinks Micron Technology Proves We Are Still In AI ‘Parking Lot’— It Is ‘Not Late’ To Get In
• Positive Sentiment: Fresh product momentum also supports the bull case, including sampling of a faster 256GB DDR5 server module for AI and data-center workloads. Micron Redefines AI Performance With Sampling of 256GB DDR5 Server Module
• Neutral Sentiment: Some investors are also watching Micron’s sharp run and warning that the stock may be extended after a huge rally, which could mean near-term volatility even if the long-term story remains strong. Micron Investors Face a High-Stakes Moment After the Latest Rally
• Negative Sentiment: A broader chip-sector pullback and profit-taking briefly weighed on MU earlier in the week as traders worried the memory-supercycle trade had run too far, too fast. Why Sandisk, Micron stock are plunging upto 9% on Tuesday

Micron Technology Trading Up 4.8%

NASDAQ:MU opened at $803.63 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32. The firm has a 50-day moving average of $464.69 and a 200-day moving average of $364.25. The company has a market cap of $906.28 billion, a PE ratio of 37.94 and a beta of 1.91. Micron Technology, Inc. has a one year low of $90.93 and a one year high of $818.67.

Micron Technology Increases Dividend

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

Micron Technology Company 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.