Applied Finance Capital Management LLC Acquires Shares of 14,361 Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Applied Finance Capital Management LLC acquired 14,361 shares of Micron Technology, valued at approximately $1,248,000, during the first quarter.
• Micron Technology reported $1.91 EPS for the last quarter, exceeding expectations, alongside a revenue of $9.30 billion compared to the forecast of $8.83 billion.
• The company declared a quarterly dividend of $0.115, reflecting an annualized yield of 0.41% and a payout ratio of 8.29%.

Applied Finance Capital Management LLC bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 14,361 shares of the semiconductor manufacturer's stock, valued at approximately $1,248,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Mediolanum International Funds Ltd lifted its holdings in shares of Micron Technology by 108.1% during the first quarter. Mediolanum International Funds Ltd now owns 133,111 shares of the semiconductor manufacturer's stock valued at $11,772,000 after purchasing an additional 69,147 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Micron Technology by 2.1% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 277,229 shares of the semiconductor manufacturer's stock valued at $24,080,000 after buying an additional 5,681 shares in the last quarter. Phoenix Financial Ltd. raised its stake in Micron Technology by 58.6% during the first quarter. Phoenix Financial Ltd. now owns 62,495 shares of the semiconductor manufacturer's stock valued at $5,438,000 after buying an additional 23,091 shares during the last quarter. Stevens Capital Management LP raised its stake in Micron Technology by 103.3% during the first quarter. Stevens Capital Management LP now owns 50,611 shares of the semiconductor manufacturer's stock valued at $4,398,000 after buying an additional 25,715 shares during the last quarter. Finally, AM Investment Strategies LLC bought a new stake in Micron Technology in the first quarter worth $552,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

Micron Technology stock opened at $111.26 on Friday. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The company's 50-day moving average is $112.94 and its 200 day moving average is $97.56. The firm has a market capitalization of $124.51 billion, a P/E ratio of 20.05 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the company posted $0.62 EPS. Research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology's payout ratio is 8.29%.

Insider Transactions at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total transaction of $291,557.12. Following the transaction, the director directly owned 22,550 shares in the company, valued at $2,734,864. This represents a 9.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the sale, the director owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,446 shares of company stock valued at $34,871,597 in the last ninety days. Corporate insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on MU. Piper Sandler lifted their target price on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Robert W. Baird lifted their price objective on Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a report on Friday, June 27th. Mizuho upped their target price on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research note on Thursday, June 5th. Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Micron Technology has an average rating of "Moderate Buy" and a consensus target price of $146.44.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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