Bornite Capital Management LP Acquires New Holdings in Micron Technology, Inc. (NASDAQ:MU)

Bornite Capital Management LP bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the semiconductor manufacturer’s stock, valued at approximately $8,416,000.

Several other institutional investors and hedge funds also recently modified their holdings of MU. Uniting Wealth Partners LLC purchased a new stake in shares of Micron Technology in the fourth quarter valued at $298,000. Grant Private Wealth Management Inc purchased a new position in Micron Technology in the 4th quarter valued at about $336,000. World Investment Advisors boosted its stake in shares of Micron Technology by 119.3% during the 4th quarter. World Investment Advisors now owns 7,269 shares of the semiconductor manufacturer’s stock worth $612,000 after purchasing an additional 3,954 shares during the last quarter. OneAscent Financial Services LLC grew its holdings in shares of Micron Technology by 61.5% during the fourth quarter. OneAscent Financial Services LLC now owns 3,162 shares of the semiconductor manufacturer’s stock worth $266,000 after buying an additional 1,204 shares in the last quarter. Finally, Meeder Advisory Services Inc. raised its position in shares of Micron Technology by 0.8% in the fourth quarter. Meeder Advisory Services Inc. now owns 19,821 shares of the semiconductor manufacturer’s stock valued at $1,668,000 after buying an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MU shares. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research report on Friday, February 21st. Wedbush restated an “outperform” rating and set a $125.00 price objective on shares of Micron Technology in a report on Monday, March 17th. Stifel Nicolaus dropped their target price on Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Barclays raised their price target on Micron Technology from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Finally, Morgan Stanley upped their price objective on shares of Micron Technology from $91.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday, March 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $129.76.

Micron Technology Price Performance

MU stock opened at $74.34 on Friday. Micron Technology, Inc. has a 1 year low of $74.21 and a 1 year high of $157.54. The firm has a market cap of $83.08 billion, a P/E ratio of 21.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a 50-day simple moving average of $94.19 and a 200-day simple moving average of $98.25.

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

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.62%. Micron Technology’s dividend payout ratio (DPR) is 11.03%.

Micron Technology Company 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.