AXS Investments LLC Increases Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• AXS Investments LLC increased its stake in Micron Technology by 27.1%, acquiring an additional 6,377 shares, bringing its total holdings to approximately $2.6 million.
• Various analysts have raised their target prices for Micron Technology's stock, suggesting a positive outlook, with a consensus target price of $146.44 and an average rating of "Moderate Buy."
• Micron Technology reported earnings of $1.91 per share for the last quarter, exceeding expectations by $0.34, and announced a quarterly dividend of $0.115 per share, reflecting an annual yield of 0.4%.

AXS Investments LLC increased its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 27.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,884 shares of the semiconductor manufacturer's stock after acquiring an additional 6,377 shares during the period. AXS Investments LLC's holdings in Micron Technology were worth $2,597,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Exencial Wealth Advisors LLC raised its stake in shares of Micron Technology by 1,185.7% during the first quarter. Exencial Wealth Advisors LLC now owns 106,446 shares of the semiconductor manufacturer's stock valued at $9,249,000 after acquiring an additional 98,167 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after acquiring an additional 2,049,163 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock valued at $922,467,000 after acquiring an additional 2,038,641 shares during the last quarter. Intrust Bank NA raised its stake in shares of Micron Technology by 5.8% during the first quarter. Intrust Bank NA now owns 22,147 shares of the semiconductor manufacturer's stock valued at $1,924,000 after acquiring an additional 1,221 shares during the last quarter. Finally, Wealthspire Advisors LLC raised its stake in shares of Micron Technology by 103.7% during the first quarter. Wealthspire Advisors LLC now owns 11,546 shares of the semiconductor manufacturer's stock valued at $1,003,000 after acquiring an additional 5,877 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Down 0.3%

Shares of NASDAQ MU traded down $0.28 during mid-day trading on Wednesday, reaching $108.78. 12,285,305 shares of the company's stock traded hands, compared to its average volume of 21,489,900. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The business has a 50-day simple moving average of $114.91 and a 200 day simple moving average of $98.01. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The stock has a market cap of $121.74 billion, a P/E ratio of 19.60 and a beta of 1.37.

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

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.4%. Micron Technology's payout ratio is currently 8.29%.

Insider Activity at Micron Technology

In related news, EVP Scott J. Deboer sold 20,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president owned 186,353 shares of the company's stock, valued at approximately $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This represents a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock valued at $34,679,277 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MU has been the subject of several analyst reports. Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. The Goldman Sachs Group began coverage on shares of Micron Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $130.00 price objective for the company. Barclays increased their price objective on shares of Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Mizuho increased their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Finally, Morgan Stanley increased their price objective on shares of Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology 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.