Parnassus Investments LLC Sells 63,400 Shares of Micron Technology, Inc. $MU

Parnassus Investments LLC trimmed its holdings in Micron Technology, Inc. (NASDAQ:MU) by 17.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 294,810 shares of the semiconductor manufacturer’s stock after selling 63,400 shares during the period. Parnassus Investments LLC’s holdings in Micron Technology were worth $84,142,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. High Note Wealth LLC grew its position in Micron Technology by 65.4% in the fourth quarter. High Note Wealth LLC now owns 86 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. Elevation Wealth Partners LLC lifted its stake in shares of Micron Technology by 295.8% in the fourth quarter. Elevation Wealth Partners LLC now owns 95 shares of the semiconductor manufacturer’s stock worth $27,000 after buying an additional 71 shares during the last quarter. Steigerwald Gordon & Koch Inc. lifted its stake in shares of Micron Technology by 4,800.0% in the fourth quarter. Steigerwald Gordon & Koch Inc. now owns 98 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 96 shares during the last quarter. Joseph Group Capital Management acquired a new stake in shares of Micron Technology in the fourth quarter worth $31,000. Finally, Luken Investment Analytics LLC acquired a new stake in shares of Micron Technology in the fourth quarter worth $31,000. 80.84% of the stock is owned by institutional investors.

Insider Activity at Micron Technology

In related news, EVP Sumit Sadana sold 24,000 shares of the company’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $421.35, for a total transaction of $10,112,400.00. Following the completion of the transaction, the executive vice president directly owned 224,021 shares in the company, valued at $94,391,248.35. This represents a 9.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP April S. Arnzen sold 40,000 shares of the stock in a transaction on 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 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 represents a 24.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 146,000 shares of company stock valued at $85,486,715 in the last 90 days. 0.24% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Micron Technology from $520.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 3rd. The Goldman Sachs Group boosted their price objective on shares of Micron Technology from $400.00 to $900.00 and gave the stock a “neutral” rating in a research note on Wednesday. Susquehanna boosted their price objective on shares of Micron Technology from $600.00 to $1,750.00 and gave the stock a “positive” rating in a research note on Friday, May 29th. DA Davidson assumed coverage on shares of Micron Technology in a research note on Monday, May 11th. They issued a “buy” rating and a $1,000.00 price objective for the company. Finally, UBS Group boosted their price objective on shares of Micron Technology from $535.00 to $1,625.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Five analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $737.63.

Micron Technology Price Performance

NASDAQ:MU opened at $995.87 on Friday. The stock has a market cap of $1.12 trillion, a P/E ratio of 47.02 and a beta of 2.16. Micron Technology, Inc. has a one year low of $103.38 and a one year high of $1,089.29. The company has a fifty day moving average price of $665.31 and a 200 day moving average price of $459.87. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.90 and a quick ratio of 2.32.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, March 18th. The semiconductor manufacturer reported $12.20 EPS for the quarter, beating the consensus estimate of $9.19 by $3.01. The firm had revenue of $23.86 billion during the quarter, compared to analysts’ expectations of $19.97 billion. Micron Technology had a net margin of 41.49% and a return on equity of 41.16%. The business’s quarterly revenue was up 196 compared to the same quarter last year. During the same period in the prior year, the company earned $1.56 EPS. Analysts anticipate that Micron Technology, Inc. will post 59.23 earnings per share for the current year.

Micron Technology Increases Dividend

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

Key Stories Impacting Micron Technology

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

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.