Apella Capital LLC has made a significant investment in Micron Technology, Inc. (NASDAQ: MU), acquiring a new stake valued at approximately $298,000. The firm purchased 1,783 shares of the semiconductor manufacturer’s stock during the third quarter of 2023, according to Holdings Channel.
This investment comes amid increased activity from various institutional investors in Micron Technology. For instance, Teamwork Financial Advisors LLC raised its position by 0.4%, now holding 14,974 shares valued at $2,505,000. Similarly, Blue Trust Inc. increased its stake by 0.5%, acquiring 10,633 shares worth $1,779,000. HBW Advisory Services LLC also grew its position by 2.5%, owning 2,818 shares valued at $471,000 after acquiring an additional 70 shares.
In addition, 1620 Investment Advisors Inc. increased its stake by 5.7%, while Central Valley Advisors LLC raised its holdings by 3.1%. Together, institutional investors now own approximately 80.84% of Micron Technology’s stock.
Micron Technology’s Stock Performance and Dividend Announcement
As of Tuesday, Micron Technology’s shares opened at $294.37. The company’s stock has experienced a remarkable range over the past year, with a fifty-two week low of $61.54 and a high of $294.50. The firm has a market capitalization of $331.32 billion and maintains a price-to-earnings ratio of 27.98.
Micron Technology also announced a quarterly dividend of $0.115 per share, set to be paid on January 14, 2024. Investors of record as of December 29, 2023 will receive this dividend. The company’s dividend yield is currently 0.2%, and its payout ratio stands at 4.37%.
Insider Transactions and Analyst Ratings
Recent insider trading has seen notable activity as well. Executive Vice President April S. Arnzen sold 15,000 shares on December 22, 2023, at an average price of $277.09, totaling approximately $4,156,350. Following this transaction, Arnzen retains 165,618 shares, valued at around $45.89 million, reflecting an 8.30% decrease in ownership.
Additionally, EVP Scott J. Deboer sold 82,000 shares on October 27, 2023, for a total of $18,270,420. After this sale, Deboer has 154,145 shares in the company, worth approximately $34.35 million, representing a 34.72% decrease in his position. Collectively, insiders sold 369,300 shares valued at $81.51 million over the last quarter, with corporate insiders owning 0.24% of the company’s stock.
Analysts remain optimistic about Micron Technology’s growth prospects. Several firms have recently adjusted their price targets for the stock. Morgan Stanley raised its target from $338.00 to $350.00, maintaining an “overweight” rating. Cantor Fitzgerald similarly increased its target to $350.00, while Deutsche Bank Aktiengesellschaft set its target at $280.00 with a “buy” rating. Overall, Micron Technology has received five “Strong Buy” ratings, twenty-nine “Buy” ratings, and three “Hold” ratings from analysts, resulting in an average target price of $282.61.
Micron Technology, founded in 1978 and headquartered in Boise, Idaho, specializes in memory and storage solutions, including dynamic random-access memory (DRAM) and NAND flash memory. The company supplies components for various applications across data centers, mobile devices, and consumer products, positioning itself as a key player in the semiconductor industry.
