Cushing Capital Partners LLC Invests $610,000 in Micron Technology, Inc.

Cushing Capital Partners LLC has made a notable investment in Micron Technology, Inc. (NASDAQ:MU), acquiring a new position in the semiconductor manufacturer during the fourth quarter of the fiscal year. According to a recent report submitted to the Securities and Exchange Commission (SEC), the investment amounted to approximately $610,000, which translates to 7,234 shares of Micron's stock.

Apart from Cushing Capital, several other institutional investors have also adjusted their positions in Micron Technology. Stonebrook Private Inc. raised its stake by 4.2%, owning 2,454 shares valued at $255,000 after purchasing an additional 98 shares. Similarly, John G. Ullman & Associates Inc. increased its holdings by 2.5% to own 4,063 shares, worth $421,000 after acquiring 100 more shares in the last quarter. In the fourth quarter, Trivant Custom Portfolio Group LLC bolstered its investment by 20%, and now holds 600 shares valued at $50,000 after acquiring 100 shares. Xcel Wealth Management LLC increased its holdings by 1.8%, now owning 6,157 shares valued at $518,000, following an additional 108 share purchase.

Moreover, Bay Colony Advisory Group Inc., doing business as Bay Colony Advisors, also raised its position in Micron by 3.8%, increasing its ownership to 2,973 shares worth $250,000 after an additional purchase. In total, hedge funds and institutional investors hold about 80.84% of Micron’s stock.

Current Market Performance

Micron Technology’s stock price recently opened at $87.08. The company has reported a quick ratio of 1.75, a current ratio of 2.72, and a debt-to-equity ratio of 0.28. The share price has fluctuated between a 52-week low of $83.54 and a high of $157.54, with a moving average of $96.02 over the last 50 days and $98.17 over the past 200 days. Micron's market capitalization stands at $97.02 billion with a price-to-earnings ratio of 25.10 and a beta of 1.23.

Recent Earnings Report and Dividend Announcement

On December 18, Micron Technology disclosed its latest quarterly earnings, showing earnings per share (EPS) of $1.79, exceeding analysts' expectations of $1.60 by $0.19. The company's revenue for the quarter reached $8.71 billion, in line with consensus estimates, marking an impressive 84.3% increase compared to the same quarter in the previous year. Analysts expect Micron will report an EPS of 6.08 for the current fiscal year.

Additionally, the company has recently declared a quarterly dividend, which was disbursed on January 15. Shareholders on record as of December 30 received a dividend of $0.115 per share, equating to an annualized dividend of $0.46 and a yield of 0.53%. Micron’s current payout ratio is reported at 13.26%.

Analyst Perspectives

Micron Technology has been the focus of multiple research reports. For instance, Sanford C. Bernstein has revised its price target for Micron shares from $140.00 to $120.00, maintaining an 'outperform' rating. Barclays has cut its price target from $145.00 to $110.00 while assigning an 'overweight' rating. Piper Sandler and Stifel Nicolaus have also adjusted their price targets, indicating a potential shift in market sentiment. According to MarketBeat, the consensus rating for Micron Technology is classified as 'Moderate Buy' with a target price of $134.96. Notably, just one analyst has rated the stock as a sell, while others show diverse bullish positions, illustrating varying viewpoints among experts.

Insider Transactions

In recent insider trading activities, EVP April S. Arnzen sold 4,890 shares on December 20 at an average price of $85.21, totaling approximately $416,677. Following this sale, she retains 181,223 shares valued at over $15.44 million. Similarly, Director Mary Pat McCarthy sold 2,404 shares on March 3 at an average price of $92.93, bringing her total shares down to 27,358, valued around $2.54 million after the transaction.

Company Overview

Micron Technology, Inc. specializes in designing, developing, and manufacturing memory and storage products on a global scale. The company operates across four key segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. Micron offers a variety of memory and storage technologies, including dynamic random access memory (DRAM) and non-volatile memory products under its own and private label brands.

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