Banque Pictet & Cie SA Acquires 167,647 Shares of Micron Technology, Inc. (NASDAQ:MU)

Banque Pictet & Cie SA increased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 143.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 284,347 shares of the semiconductor manufacturer's stock after purchasing an additional 167,647 shares during the period. Banque Pictet & Cie SA's holdings in Micron Technology were worth $24,707,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MU. Brighton Jones LLC grew its stake in Micron Technology by 18.3% in the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock valued at $532,000 after purchasing an additional 976 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in Micron Technology by 19.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock valued at $7,214,000 after purchasing an additional 13,985 shares in the last quarter. Proficio Capital Partners LLC grew its stake in Micron Technology by 74.7% in the fourth quarter. Proficio Capital Partners LLC now owns 4,056 shares of the semiconductor manufacturer's stock valued at $341,000 after purchasing an additional 1,734 shares in the last quarter. Personal CFO Solutions LLC purchased a new position in Micron Technology in the fourth quarter valued at about $235,000. Finally, Moran Wealth Management LLC increased its stake in shares of Micron Technology by 258.9% during the 4th quarter. Moran Wealth Management LLC now owns 46,696 shares of the semiconductor manufacturer's stock worth $3,930,000 after purchasing an additional 33,685 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Price Performance

NASDAQ:MU traded up $0.75 on Thursday, reaching $122.99. The stock had a trading volume of 8,462,697 shares, compared to its average volume of 23,250,519. 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 company has a market capitalization of $137.64 billion, a P/E ratio of 22.15 and a beta of 1.35. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $136.50. The stock has a fifty day moving average price of $106.25 and a 200-day moving average price of $95.45.

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

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's payout ratio is presently 8.29%.

Insider Activity at Micron Technology

In other news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the sale, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. This represents a 31.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the sale, the executive vice president owned 148,167 shares in the company, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,446 shares of company stock valued at $31,154,717. 0.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Needham & Company LLC boosted their target price on Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Piper Sandler upped their price target on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Wells Fargo & Company raised their price target on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Rosenblatt Securities raised their target price on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of "Moderate Buy" and a consensus target price 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.