Uncovering Institutional Buying In Micron Technology Inc. (NASDAQ: MU)

The Vanguard Group, Inc. recently announced the acquisition of new stake in Micron Technology Inc. (NASDAQ:MU). The institutional investor has increased its shareholding in the Technology company by 0.28% to 89.7 million shares with purchase of 0.25 million shares. This fresh investment now brings its stake to 8.13% valued currently at $7.66 billion. In addition, Sanders Capital LLC raised its holdings by 54640.0 to 22.08 million shares. And Capital Research & Management Co has lifted its position by 0.12% or 24913.0 shares – to 21.35 million shares.

With over 10.18 million Micron Technology Inc. (MU) shares trading Friday and a closing price of $82.39 on the day, the dollar volume was approximately $839.09 million. The shares have shown a positive half year performance of 28.57% and its price on 01/12/24 lost nearly -1.20%. Currently, there are 1.10B common shares owned by the public and among those 1.10B shares have been available to trade.

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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 38 analysts who have offered their price forecasts for MU have a consensus price objective of $98.05. The analysts have set the share’s price value over the next 12 months at a high of $140.00 and a low of $74.75. The average price target is 15.97% above its recent price level and a downside to the estimated low will see the stock lose -10.22% over that period. But an upside of 41.15% will see the stock hit the forecast high price target while median target price for the stock is $95.68.

Insiders at the company have transacted a total of 207 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 85 of these insider trades were purchases, accounting for 1,734,870 shares. Insider sales of the common stock occurred on 122 occasions, with total insider shares sold totaling 1,612,303 shares.

The top 3 mutual fund holders in Micron Technology Inc. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard PRIMECAP Fund. Vanguard Total Stock Market ETF owns 34.33 million shares of the company’s stock, all valued at over $2.93 billion. The company bought an additional 41471.0 shares recently to bring their total holdings to about 3.11% of the shares outstanding. Vanguard 500 Index Fund bought 0.12 million shares to see its total holdings expand to 26.45 million shares valued at over $2.26 billion and representing 2.40% of the shares outstanding. Vanguard PRIMECAP Fund sold 97790.0 shares to bring its total holdings to over 23.65 million shares at a value of $2.02 billion. Vanguard PRIMECAP Fund now owns shares totaling to 2.14% of the shares outstanding.

Shares of Micron Technology Inc. (NASDAQ: MU) opened at $82.75, down -$0.64 from a prior closing price of $83.39. However, the script later moved the day high at 83.04, down -1.20%. The company’s stock has a 5-day price change of -1.27% and 18.12% over the past three months. MU shares are trading -3.46% year to date (YTD), with the 12-month market performance up to 41.90% higher. It has a 12-month low price of $52.76 and touched a high of $87.87 over the same period. MU has an average intraday trading volume of 13.48 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.19%, 5.24%, and 19.44% respectively.

Institutional ownership of Micron Technology Inc. (NASDAQ: MU) shares accounts for 81.61% of the company’s 1.10B shares outstanding. Mutual fund holders own 32.48%, while other institutional holders and individual stakeholders account for 49.61% and 1.58% respectively.

It has a market capitalization of $90.95B and a beta (3y monthly) value of 1.25. The earnings-per-share (ttm) stands at -$6.28. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.77% over the week and 2.10% over the month.

Analysts forecast that Micron Technology Inc. (MU) will achieve an EPS of -$0.28 for the current quarter, $0.13 for the next quarter and $6.66 for 2025. The lowest estimate earnings-per-share for the quarter is -$0.31 while analysts give the company a high EPS estimate of -$0.25. Comparatively, EPS for the current quarter was -$1.91 a year ago. Earnings per share for the fiscal year are expected to increase by 86.87%, and 1236.51% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 38 brokerage firm advisors rate Micron Technology Inc. (MU) as a “Strong Buy” at a consensus score of 1.61. Specifically, 25 Wall Street analysts polled rate the stock as a buy, while 7 of the 38 advise that investors “hold,” and 1 rated it as a “Sell.”

Looking at the support for the MU, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on January 04, 2024, with the firm’s price target at $70-$95.

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