Investors around the world keep an eagle eye on the behaviour of Synovus Financial Corp, a company with a fluctuating portfolio that recently spelt good news for Micron Technology, Inc. In fact, this financial corporation has decreased its holdings in shares of Micron Technology by 4.8% in Q4 2022. The new information comes thanks to their most recent Form 13F filing with the US Securities and Exchange Commission (SEC).
The institutional investor previously owned 52,831 shares of the semiconductor manufacturer’s stock before selling 2,638 shares during said period. Synovus Financial Corp’s holdings in Micron Technology now rest at a monetary value of $2,641,000 as per their recent SEC filing. Interestingly enough this does not seem to be affecting brokerages issuing reports on MU as several sources have weighed in recently.
Evercore ISI raised its target price on shares of Micron Technology from $65.00 to $75.00 earlier in March while Needham & Company LLC raised their target price on shares of Micron Technology from $67.00 to $71.00 during the same week and gave the stock a “buy” rating as well.
JPMorgan Chase & Co., one of many financial powerhouses following MU closely, even upped their game by raising their target price on these same shares from $65.00 to $75.00 in late March giving amongst other things an “overweight” rating for this stock.
However, not all reports were so optimistic about Micron as StockNews.com cut shares from a “hold” rating to a “sell” rating during that same eventful week just last month.
Much like our own global situation with COVID-19 over the past couple of years showcasing wildly differing reactions throughout various areas and global arenas – so too it would seem lies no minor discrepancies between reports surrounding share numbers and performance for tech giant Micron Technology who currently boast a market cap of $67.74 billion, a P/E ratio of 44.53 and a beta of 1.41.
The fluctuating environment mentioned is also seen throughout the company’s numbers including its fifty-day moving average resting at $58.92 while its two-hundred day moving average sits only slightly higher at $57.20. However, this is all compared to the company’s peaks over the years with Micron Technology’s 52-week low sitting at $48.43 and their 52-week high boasting an impressive $75.41.
Despite an array of different opinions regarding MU, three equities research analysts have given it a sell rating, five placing them on hold, but twenty-four have issued buy ratings in hopeful optimism – ultimately leaving Bloomberg data for the company as having a consensus rating of “Moderate Buy” alongside that moderate price target we’ve been hearing about presently holding at $69.59.
Institutional Investors and Analysts Show Confidence in Micron Technology Despite Recent Challenges
Micron Technology, a leading manufacturer of semiconductors, has attracted the attention of institutional investors and hedge funds who have increased their holdings in shares of the company. Financial Management Professionals Inc., GHP Investment Advisors Inc., FinTrust Capital Advisors LLC, BerganKDV Wealth Management LLC, and Tacita Capital Inc. are among several institutional investors that have made changes to their positions in the company during the third quarter. However, corporate insiders have sold 84,000 shares of company stock valued at $5,016,640 over the past three months. The semiconductor manufacturer reported negative earnings per share for its last quarter and its revenue dropped by 52.6% on a year-over-year basis.
Despite this disappointing news, Micron Technology’s target price has been raised by brokerage firms such as Evercore ISI, Needham & Company LLC., JPMorgan Chase & Co., and Credit Suisse Group. The firm currently has a consensus price target of $69.59 with Bloomberg data indicating a “Moderate Buy” rating.
Micron Technology also recently disclosed a quarterly dividend payment to shareholders who were recorded on April 10th with an ex-dividend date of April 6th. The payment was $0.115 per share representing an annualized dividend yield of 0.74%.
Institutional investors and hedge funds are seeing value in Micron Technology despite recent challenges affecting the company’s profitability. With investment professionals increasing their holdings in the company while analysts raising price targets for its shares underscores confidence among some investors that Micron Technology can overcome any upcoming challenges in both near and long term investments horizons as it aims to resume growth by boosting production efficiency thereby unlocking growth opportunities within its industry niche.