Spreng Capital Management Inc. has made a significant investment in Micron Technology, Inc. (NASDAQ: MU), purchasing 2,890 shares during the third quarter, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). This new stake is valued at approximately $484,000, highlighting the growing interest among institutional investors in the semiconductor sector.
Several other investment firms have also adjusted their holdings in Micron Technology, signaling a broader trend within the market. Notably, Brighton Jones LLC increased its stake by 18.3% in the fourth quarter, now owning 6,318 shares worth $532,000. Advisors Asset Management Inc. saw a remarkable increase of 151.7% in its position in the first quarter, acquiring a total of 31,599 shares with a value of $2.746 million. Other firms, including Gotham Asset Management LLC and NewEdge Advisors LLC, have also boosted their investments, further reflecting the confidence in Micron’s growth prospects.
Micron Technology’s Stock Performance
Micron Technology’s stock opened at $315.42 on Monday, marking a substantial increase of 10.5% recently. The company has experienced noteworthy fluctuations, with its shares reaching a one-year low of $61.54 and a high of $315.60. With a market capitalization of $355.01 billion, Micron is maintaining strong financial metrics, including a debt-to-equity ratio of 0.19 and a current ratio of 2.46.
In its latest earnings report released on December 17, 2023, Micron Technology announced earnings per share (EPS) of $4.78, exceeding the consensus estimate of $3.77 by $1.01. The company’s revenue for the quarter was $13.64 billion, surpassing expectations of $12.62 billion and reflecting a remarkable year-over-year revenue growth of 56.7%.
Dividends and Insider Activity
Micron Technology has also declared a quarterly dividend of $0.115 per share, payable on January 14, 2024, to shareholders of record as of December 29, 2023. This dividend represents a modest annual yield of 0.1% and indicates the company’s commitment to returning value to its shareholders.
However, insider trading activity has drawn attention. On October 27, 2023, Sanjay Mehrotra, CEO of Micron Technology, sold 22,500 shares for a total of $4,966,200. Following this transaction, he retains ownership of 446,578 shares valued at approximately $98.57 million. Additionally, Executive Vice President April S. Arnzen sold 15,000 shares on December 22, 2023, further indicating a trend among company executives to liquidate portions of their holdings.
Over the past 90 days, insiders have sold a total of 338,363 shares worth approximately $75.72 million, raising questions about potential shifts in executive confidence regarding future stock performance. Currently, 0.24% of Micron’s stock is owned by corporate insiders.
In summary, Spreng Capital Management’s investment in Micron Technology reflects a growing trend among institutional investors, backed by strong financial performance and positive market sentiment. As analysts continue to evaluate the semiconductor sector, Micron remains a focal point for investors anticipating further growth driven by advancements in technology and demand for memory solutions.
