Bank of Nova Scotia Has $116.07 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• The Bank of Nova Scotia significantly increased its stake in Micron Technology by 140.8%, owning approximately 1.34 million shares valued at $116.07 million by the end of the most recent quarter.
• Micron Technology recently reported an EPS of $1.91, exceeding the consensus estimate of $1.57, with quarterly revenue of $9.30 billion compared to the expected $8.83 billion.
• Several analysts have raised their price targets for Micron Technology, with Morgan Stanley setting a new target of $135.00 and Wells Fargo increasing theirs to $170.00, indicating overall positive sentiment among investors.

Bank of Nova Scotia increased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 140.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,335,759 shares of the semiconductor manufacturer's stock after purchasing an additional 781,135 shares during the quarter. Bank of Nova Scotia owned approximately 0.12% of Micron Technology worth $116,071,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Sunbeam Capital Management LLC bought a new position in shares of Micron Technology during the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new position in Micron Technology during the first quarter worth $33,000. Roxbury Financial LLC lifted its holdings in shares of Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after acquiring an additional 300 shares during the period. AllSquare Wealth Management LLC boosted its stake in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after purchasing an additional 200 shares in the last quarter. Finally, Hurley Capital LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Buying and Selling at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the sale, the executive vice president owned 275,067 shares of the company's stock, valued at $33,877,251.72. This trade represents a 22.53% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Steven J. Gomo sold 7,000 shares of the company'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 transaction, the director owned 22,762 shares in the company, valued at $2,848,664.30. This represents a 23.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 286,042 shares of company stock worth $34,679,277. Company insiders own 0.30% of the company's stock.

Micron Technology Stock Performance

NASDAQ:MU opened at $104.88 on Friday. The firm has a market capitalization of $117.37 billion, a PE ratio of 18.90 and a beta of 1.37. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock's 50-day simple moving average is $114.36 and its 200 day simple moving average is $97.99. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $129.85.

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

Micron Technology Announces Dividend

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

Wall Street Analyst Weigh In

MU has been the topic of several research analyst reports. Morgan Stanley upped 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 note on Thursday, June 26th. Wells Fargo & Company boosted their target price on Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. The Goldman Sachs Group assumed coverage on Micron Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $130.00 price target on the stock. Cantor Fitzgerald raised their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Finally, Barclays boosted their price objective on Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Micron Technology presently has a consensus 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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