Fox Run Management L.L.C. Purchases New Stake in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Fox Run Management L.L.C. acquired a new stake in Micron Technology, purchasing 7,234 shares valued at approximately $629,000 during the first quarter.
• Institutional investors collectively own 80.84% of Micron Technology's stock, with notable increases in holdings from Capital World Investors and Price T Rowe Associates in the last quarter.
• Micron Technology reported $1.91 EPS for the last quarter, surpassing the consensus estimate of $1.57, and had a revenue of $9.30 billion, indicating robust financial performance.

Fox Run Management L.L.C. purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,234 shares of the semiconductor manufacturer's stock, valued at approximately $629,000.

A number of other large investors have also added to or reduced their stakes in the business. Capital World Investors grew its holdings in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after buying an additional 15,993,036 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Micron Technology by 139.7% during the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Micron Technology by 198.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock worth $550,903,000 after purchasing an additional 4,352,225 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Micron Technology during the 1st quarter worth $369,191,000. Finally, Vanguard Group Inc. grew its holdings in shares of Micron Technology by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after purchasing an additional 2,049,163 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the completion of the transaction, the executive vice president directly owned 148,167 shares in the company, valued at $18,538,655.04. This trade represents a 9.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sumit Sadana sold 92,638 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the transaction, the executive vice president owned 201,326 shares of the company's stock, valued at $25,264,399.74. This trade represents a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock valued at $34,679,277 over the last ninety days. Insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Micron Technology stock opened at $120.87 on Friday. 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 $135.27 billion, a PE ratio of 21.78 and a beta of 1.37. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The stock has a 50-day moving average price of $118.02 and a two-hundred day moving average price of $99.13.

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. 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 during the quarter, compared to the consensus estimate of $8.83 billion. During the same period last year, the company earned $0.62 earnings per share. Analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders 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 dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Analyst Ratings Changes

Several research firms have recently issued reports on MU. Morgan Stanley increased their target price on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Barclays increased their target price on Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Arete Research raised Micron Technology to a "strong-buy" rating in a report on Friday, July 18th. Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Finally, UBS Group increased their target price on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $147.24.

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.

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