Frank Rimerman Advisors LLC Buys 5,093 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Frank Rimerman Advisors LLC increased its stake in Micron Technology by 32.9% during the first quarter, acquiring an additional 5,093 shares, bringing its total holdings to 20,595 shares valued at approximately $1.79 million.
• Micron Technology reported quarterly earnings of $1.91 per share, significantly surpassing analyst expectations of $1.57, along with revenues of $9.30 billion compared to predicted revenues of $8.83 billion.
• The company declared a quarterly dividend of $0.115 per share, which translates to an annualized yield of 0.4%, reflecting a low dividend payout ratio of 8.29%.

Frank Rimerman Advisors LLC increased its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 32.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,595 shares of the semiconductor manufacturer's stock after acquiring an additional 5,093 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Micron Technology were worth $1,790,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MU. Brighton Jones LLC increased its stake in Micron Technology by 18.3% during the 4th 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 increased its stake in Micron Technology by 19.5% during the 4th 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. Bessemer Group Inc. increased its stake in Micron Technology by 40.1% during the 4th quarter. Bessemer Group Inc. now owns 18,447 shares of the semiconductor manufacturer's stock valued at $1,552,000 after purchasing an additional 5,276 shares in the last quarter. Phoenix Financial Ltd. increased its stake in Micron Technology by 10.1% during the 4th quarter. Phoenix Financial Ltd. now owns 39,404 shares of the semiconductor manufacturer's stock valued at $3,320,000 after purchasing an additional 3,618 shares in the last quarter. Finally, Legacy Financial Advisors Inc. increased its stake in Micron Technology by 10.1% during the 4th quarter. Legacy Financial Advisors Inc. now owns 2,622 shares of the semiconductor manufacturer's stock valued at $221,000 after purchasing an additional 241 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

NASDAQ:MU opened at $118.89 on Friday. The firm has a market cap of $133.05 billion, a PE ratio of 21.42 and a beta of 1.37. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The business has a 50 day moving average price of $115.95 and a 200-day moving average price of $98.19.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share 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 return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.4%. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Needham & Company LLC upped their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a research note on Friday, July 18th. Wells Fargo & Company upped their target price on shares of Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. UBS Group upped their target price on shares of Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, Rosenblatt Securities boosted their price target on shares of Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Micron Technology has an average rating of "Moderate Buy" and an average target price of $146.44.

Insider Buying and Selling

In related news, EVP Sumit Sadana sold 92,638 shares of the firm's stock in a transaction on 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the sale, the executive vice president directly owned 275,067 shares of the company's stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock valued at $34,679,277 over the last three months. Insiders own 0.30% of the company's stock.

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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