Founders Financial Alliance LLC Acquires New Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Founders Financial Alliance LLC has invested $218,000 in Micron Technology, purchasing 2,511 shares of the semiconductor manufacturer during the first quarter.
• Micron Technology's quarterly earnings report showed $1.91 earnings per share, surpassing analysts' expectations of $1.57, with revenue reaching $9.30 billion.
• Several large investors, including Vanguard Group Inc. and Capital World Investors, have significantly increased their holdings in Micron Technology during the past quarters, indicating strong institutional interest.

Founders Financial Alliance LLC purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,511 shares of the semiconductor manufacturer's stock, valued at approximately $218,000.

Several other institutional investors have also added to or reduced their stakes in the company. Cim Investment Management Inc. lifted its holdings in shares of Micron Technology by 0.5% in the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after purchasing an additional 114 shares in the last quarter. Orca Wealth Management LLC increased its position in shares of Micron Technology by 1.5% during the first quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock valued at $737,000 after acquiring an additional 129 shares during the last quarter. Sunpointe LLC increased its position in shares of Micron Technology by 4.0% during the first quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock valued at $300,000 after acquiring an additional 131 shares during the last quarter. Foundations Investment Advisors LLC increased its position in shares of Micron Technology by 2.1% during the first quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock valued at $570,000 after acquiring an additional 138 shares during the last quarter. Finally, Carson Advisory Inc. increased its position in shares of Micron Technology by 1.6% during the fourth quarter. Carson Advisory Inc. now owns 8,592 shares of the semiconductor manufacturer's stock valued at $723,000 after acquiring an additional 139 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MU. The Goldman Sachs Group assumed coverage on Micron Technology in a research report on Thursday, July 10th. They issued a "neutral" rating and a $130.00 target price for the company. Cantor Fitzgerald lifted their price objective on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Raymond James Financial upped their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. lifted their price target on shares of Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Finally, Mizuho lifted their price objective on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insider Activity

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company's stock, valued at approximately $25,264,399.74. This represents a 31.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares in the company, valued at $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 286,042 shares of company stock valued at $34,679,277. Insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Shares of MU stock traded up $4.88 on Monday, reaching $123.77. The company's stock had a trading volume of 35,014,261 shares, compared to its average volume of 23,242,422. The stock's fifty day simple moving average is $115.95 and its 200-day simple moving average is $98.07. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. 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 market capitalization of $138.52 billion, a price-to-earnings ratio of 22.30 and a beta of 1.37.

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

Micron Technology Dividend Announcement

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

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.