China Universal Asset Management Co. Ltd. Buys 9,389 Shares of Micron Technology, Inc. (NASDAQ:MU)

China Universal Asset Management Co. Ltd. grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 51.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,519 shares of the semiconductor manufacturer's stock after buying an additional 9,389 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Micron Technology were worth $2,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of MU. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new stake in Micron Technology in the first quarter worth $33,000. Curio Wealth LLC bought a new stake in Micron Technology in the fourth quarter worth $34,000. Hurley Capital LLC bought a new stake in Micron Technology in the fourth quarter worth $37,000. Finally, Roxbury Financial LLC increased its position in Micron Technology by 306.1% in the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Institutional investors own 80.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MU. Cantor Fitzgerald boosted their price target on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Piper Sandler boosted their price target on shares of Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a research report on Wednesday, March 19th. Finally, Barclays boosted their price target 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $146.21.

Micron Technology Stock Down 1.9%

Shares of MU opened at $119.92 on Tuesday. The firm has a market capitalization of $134.21 billion, a P/E ratio of 21.61 and a beta of 1.35. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $136.50. 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 firm has a fifty day moving average price of $104.39 and a 200-day moving average price of $95.06.

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

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.38%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated 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. This represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the sale, the director directly owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock valued at $31,154,717 over the last quarter. 0.30% of the stock is owned by company insiders.

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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