OMERS ADMINISTRATION Corp Raises Stock Position in Micron Technology, Inc. $MU

OMERS ADMINISTRATION Corp boosted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 16.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 46,481 shares of the semiconductor manufacturer’s stock after buying an additional 6,620 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Micron Technology were worth $13,266,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of MU. Norges Bank purchased a new stake in Micron Technology in the 4th quarter worth $6,433,456,000. AQR Capital Management LLC boosted its holdings in shares of Micron Technology by 411.9% during 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 purchasing an additional 2,918,535 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Micron Technology by 1,340.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,820,986 shares of the semiconductor manufacturer’s stock valued at $805,148,000 after purchasing an additional 2,625,169 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Micron Technology by 1.9% during 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 purchasing an additional 1,954,644 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in shares of Micron Technology by 151.0% during the 4th quarter. Renaissance Technologies LLC now owns 3,011,143 shares of the semiconductor manufacturer’s stock valued at $859,411,000 after purchasing an additional 1,811,607 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Up 10.8%

Shares of NASDAQ:MU opened at $1,087.99 on Tuesday. The company has a current ratio of 2.90, a quick ratio of 2.32 and a debt-to-equity ratio of 0.13. Micron Technology, Inc. has a 12 month low of $103.38 and a 12 month high of $1,097.47. The company has a 50-day moving average price of $692.02 and a 200 day moving average price of $471.28. The company has a market cap of $1.23 trillion, a price-to-earnings ratio of 51.37 and a beta of 2.15.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $19.97 billion. During the same quarter last year, the firm earned $1.56 EPS. The firm’s revenue for the quarter was up 196 compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology, Inc. will post 59.23 earnings per share for the current year.

Micron Technology Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Micron Technology in a report on Tuesday, May 12th. Barclays increased their price objective on shares of Micron Technology from $450.00 to $675.00 and gave the company an “overweight” rating in a report on Thursday, March 19th. Sanford C. Bernstein increased their price objective on shares of Micron Technology from $330.00 to $510.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. TD Cowen increased their price objective on shares of Micron Technology from $660.00 to $1,500.00 and gave the company a “buy” rating in a report on Monday. Finally, Wedbush increased their price objective on shares of Micron Technology from $320.00 to $500.00 and gave the company an “outperform” rating in a report on Friday, March 13th. Five research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $788.13.

Insider Buying and Selling at Micron Technology

In related 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 value of $13,895,600.00. Following the completion of the transaction, the executive vice president owned 125,737 shares of the company’s stock, valued at approximately $43,679,776.43. This trade represents a 24.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sanjay Mehrotra sold 40,000 shares of the stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $536.26, for a total transaction of $21,450,400.00. Following the completion of the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 146,000 shares of company stock worth $85,486,715 in the last 90 days. 0.24% of the stock is currently owned by insiders.

Micron Technology News Roundup

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

• Positive Sentiment: TD Cowen raised its price target to $1,500 and said AI-driven memory demand could support pricing strength through 2027.
• Positive Sentiment: RBC also lifted its target, citing a stronger memory cycle and continued AI demand for Micron’s DRAM and NAND products.
• Positive Sentiment: Multiple reports said memory-chip shortages and improving industry supply/demand dynamics are reinforcing a prolonged upcycle for MU.
• Positive Sentiment: The stock’s breakout to new highs is drawing additional momentum buyers and investors positioning ahead of earnings on June 24.
• Neutral Sentiment: Some market commentary notes MU has become extremely overbought after its massive run, which could lead to volatility even if the long-term outlook remains strong.
• Neutral Sentiment: Option-market data shows elevated implied volatility and bearish hedging, suggesting traders are pricing in a wide range of outcomes around earnings and other event risks.
• Negative Sentiment: A few articles warn that Micron’s rally may be too crowded and that memory margins may not stay at peak levels indefinitely, increasing pullback risk.

About Micron Technology

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.