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

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

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sunbeam Capital Management LLC purchased a new position in shares of Micron Technology during the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter valued at approximately $33,000. Curio Wealth LLC purchased a new stake in shares of Micron Technology during the fourth quarter valued at $34,000. Hurley Capital LLC purchased a new stake in Micron Technology during the fourth quarter worth $37,000. Finally, Roxbury Financial LLC increased 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 in the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total value of $291,557.12. Following the completion of the sale, the director directly owned 22,550 shares of the company's stock, valued at $2,734,864. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction 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 transaction, the executive vice president owned 275,067 shares in the company, valued at $33,877,251.72. This represents a 22.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,446 shares of company stock worth $31,154,717. Insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Shares of NASDAQ MU traded up $1.42 during mid-day trading on Friday, reaching $124.53. The company had a trading volume of 15,803,821 shares, compared to its average volume of 23,250,383. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $136.43. The stock has a market cap of $139.36 billion, a PE ratio of 22.44 and a beta of 1.35. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $107.16 and a two-hundred day moving average price of $95.68.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the previous year, the company earned $0.62 EPS. On average, equities analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Analyst Ratings Changes

A number of research analysts have weighed in on MU shares. 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 report on Thursday, June 26th. Piper Sandler upped their target price on shares of Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Stifel Nicolaus increased their price target on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, June 26th. UBS Group increased their price target on shares of Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Finally, Mizuho increased their target price on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. One equities 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $146.44.

About Micron Technology

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.