Bornite Capital Management LP Invests $8.42 Million in Micron Technology, Inc. (NASDAQ:MU)

Bornite Capital Management LP purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 100,000 shares of the semiconductor manufacturer's stock, valued at approximately $8,416,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. Beacon Capital Management LLC raised its position in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after buying an additional 200 shares during the last quarter. Midwest Capital Advisors LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $33,000. Comprehensive Financial Planning Inc. PA purchased a new position in Micron Technology during the fourth quarter worth about $34,000. Curio Wealth LLC purchased a new position in Micron Technology during the fourth quarter worth about $34,000. Finally, Activest Wealth Management lifted its position in Micron Technology by 583.3% in the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock valued at $34,000 after purchasing an additional 350 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the transaction, 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 disclosure for this sale can be found here. Corporate insiders own 0.30% of the company's stock.

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Analyst Upgrades and Downgrades

MU has been the topic of several recent analyst reports. Wedbush reiterated an "outperform" rating and set a $125.00 target price on shares of Micron Technology in a research report on Monday, March 17th. Citigroup dropped their price objective on Micron Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, March 21st. Piper Sandler reduced their target price on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. TD Cowen decreased their target price on shares of Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a research report on Thursday, December 19th. Finally, Needham & Company LLC cut their price target on shares of Micron Technology from $140.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Micron Technology currently has a consensus rating of "Moderate Buy" and an average price target of $129.76.

Micron Technology Trading Down 12.9 %

Shares of NASDAQ:MU traded down $9.62 during trading on Friday, reaching $64.72. The stock had a trading volume of 50,571,490 shares, compared to its average volume of 22,786,361. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market cap of $72.33 billion, a P/E ratio of 18.65 and a beta of 1.23. The business has a fifty day moving average price of $93.42 and a 200-day moving average price of $98.10. Micron Technology, Inc. has a fifty-two week low of $63.86 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the previous year, the firm posted $0.42 EPS. Micron Technology's revenue was up 38.2% on a year-over-year basis. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.115 per share. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.71%. Micron Technology's payout ratio is currently 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.