Rialto Wealth Management LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Rialto Wealth Management LLC purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 1,000 shares of the semiconductor manufacturer’s stock, valued at approximately $84,000.

Other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Micron Technology by 21.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock valued at $1,174,643,000 after acquiring an additional 2,022,180 shares during the period. Raymond James Financial Inc. purchased a new stake in Micron Technology in the fourth quarter worth about $135,865,000. State Street Corp raised its stake in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after buying an additional 1,434,568 shares during the period. Worldquant Millennium Advisors LLC grew its stake in shares of Micron Technology by 254.4% during the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock valued at $192,840,000 after acquiring an additional 1,334,690 shares during the period. Finally, Bridgewater Associates LP purchased a new stake in Micron Technology in the 3rd quarter worth approximately $102,018,000. Institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Stifel Nicolaus lowered their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Morgan Stanley cut their target price on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Bank of America cut shares of Micron Technology from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. Wells Fargo & Company reduced their target price on Micron Technology from $175.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Piper Sandler decreased their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $134.96.

Micron Technology Price Performance

MU opened at $92.96 on Friday. The business has a fifty day moving average of $95.99 and a 200 day moving average of $98.36. The stock has a market cap of $103.57 billion, a P/E ratio of 26.79 and a beta of 1.23. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 52-week low of $83.54 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business’s revenue was up 84.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.95) earnings per share. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Insider Transactions at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

About Micron Technology

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.