Parnassus Investments LLC Has $84.14 Million Stock Holdings in Micron Technology, Inc. $MU

Parnassus Investments LLC decreased its holdings in Micron Technology, Inc. (NASDAQ:MU) by 17.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 294,810 shares of the semiconductor manufacturer’s stock after selling 63,400 shares during the quarter. Parnassus Investments LLC’s holdings in Micron Technology were worth $84,142,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in MU. Norges Bank acquired a new position in shares of Micron Technology in the 4th quarter valued at $6,433,456,000. AQR Capital Management LLC raised its stake in shares of Micron Technology by 411.9% in the 3rd quarter. AQR Capital Management LLC now owns 3,627,022 shares of the semiconductor manufacturer’s stock valued at $606,873,000 after buying an additional 2,918,535 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Micron Technology by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 106,608,094 shares of the semiconductor manufacturer’s stock valued at $30,427,016,000 after buying an additional 1,954,644 shares in the last quarter. California Public Employees Retirement System grew its holdings in shares of Micron Technology by 70.2% in the 3rd quarter. California Public Employees Retirement System now owns 3,023,799 shares of the semiconductor manufacturer’s stock worth $505,942,000 after purchasing an additional 1,246,773 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its holdings in shares of Micron Technology by 1,064.3% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,304,471 shares of the semiconductor manufacturer’s stock worth $218,264,000 after purchasing an additional 1,192,433 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 11.7%

Shares of NASDAQ:MU opened at $995.87 on Friday. Micron Technology, Inc. has a 12 month low of $103.38 and a 12 month high of $1,089.29. The company’s 50-day moving average price is $665.31 and its two-hundred day moving average price is $459.87. The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 0.13. The firm has a market cap of $1.12 trillion, a P/E ratio of 47.02 and a beta of 2.16.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 EPS for the quarter, topping analysts’ consensus estimates of $9.19 by $3.01. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The firm had revenue of $23.86 billion for the quarter, compared to analyst estimates of $19.97 billion. During the same quarter in the prior year, the firm earned $1.56 EPS. The company’s revenue was up 196 on a year-over-year basis. As a group, research analysts forecast that Micron Technology, Inc. will post 59.23 EPS for the current fiscal year.

Micron Technology Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 30th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 30th. This represents a $0.60 dividend on an annualized basis and a yield of 0.1%. This is an increase from Micron Technology’s previous quarterly dividend of $0.12. Micron Technology’s payout ratio is currently 2.83%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 40,000 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $347.39, for a total transaction of $13,895,600.00. Following the sale, the executive vice president owned 125,737 shares of the company’s stock, valued at $43,679,776.43. This represents a 24.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sanjay Mehrotra sold 37,439 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $960.38, for a total transaction of $35,955,666.82. Following the sale, the chief executive officer directly owned 387,064 shares in the company, valued at approximately $371,728,524.32. This represents a 8.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 146,000 shares of company stock worth $85,486,715 in the last quarter. Insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MU shares. Barclays upped their target price on shares of Micron Technology from $450.00 to $675.00 and gave the stock an “overweight” rating in a report on Thursday, March 19th. Cantor Fitzgerald upped their target price on shares of Micron Technology from $700.00 to $1,500.00 and gave the stock an “overweight” rating in a report on Monday. Wolfe Research upped their target price on shares of Micron Technology from $550.00 to $1,250.00 and gave the stock an “outperform” rating in a report on Thursday. Royal Bank Of Canada upped their target price on shares of Micron Technology from $425.00 to $525.00 and gave the stock an “outperform” rating in a report on Monday, March 16th. Finally, Mizuho upped their target price on shares of Micron Technology to $800.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Five investment analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Micron Technology has an average rating of “Buy” and an average target price of $737.63.

Micron Technology News Summary

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

• Positive Sentiment: Analysts raised outlooks on Micron after strong AI-memory demand and improving earnings expectations, reinforcing the case for more upside. Beyond Micron: 2 AI Stocks That Could Deliver Explosive Returns
• Positive Sentiment: Wolfe Research and other firms lifted price targets, signaling that Wall Street thinks Micron’s AI memory boom can keep driving results and valuation higher. Analyst raises Micron stock price target by 127%
• Positive Sentiment: Nvidia CEO Jensen Huang reportedly singled out Micron as a major beneficiary of AI spending, which strengthens confidence in Micron’s HBM4 and high-bandwidth memory position. Micron Got a Major Vote of Confidence From Nvidia’s Jensen Huang on AI Returns
• Positive Sentiment: Micron advanced construction on its large New York semiconductor project by selecting Bechtel as EPC partner, supporting long-term manufacturing expansion and domestic supply-chain resilience. Micron Selects Bechtel as Construction Partner for Historic New York Semiconductor Project

Micron Technology 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.