iA Global Asset Management Inc. Acquires 24,179 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• iA Global Asset Management Inc. increased its holdings in Micron Technology by 20.1%, acquiring an additional 24,179 shares to reach a total of 144,256 shares, valued at approximately $12.5 million.
• Insider selling has occurred, with EVP April S. Arnzen and EVP Scott J. Deboer selling 15,000 and 20,000 shares respectively, amounting to total proceeds of approximately $4.1 million.
• Micron Technology reported earnings of $1.91 per share, surpassing analyst expectations and reflecting strong revenue results of $9.30 billion for the quarter.

iA Global Asset Management Inc. increased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 20.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,256 shares of the semiconductor manufacturer's stock after acquiring an additional 24,179 shares during the period. iA Global Asset Management Inc.'s holdings in Micron Technology were worth $12,534,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Twin Capital Management Inc. raised its holdings in shares of Micron Technology by 0.5% in the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after acquiring an additional 108 shares in the last quarter. Cim Investment Management Inc. increased 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 worth $1,941,000 after buying an additional 114 shares during the period. Orca Wealth Management LLC increased its holdings in shares of Micron Technology by 1.5% in the first quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock worth $737,000 after buying an additional 129 shares during the period. Sunpointe LLC increased its holdings in Micron Technology by 4.0% during the 1st quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock valued at $300,000 after purchasing an additional 131 shares during the period. Finally, Foundations Investment Advisors LLC increased its holdings in Micron Technology by 2.1% during the 1st quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock valued at $570,000 after purchasing an additional 138 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the sale, the executive vice president directly owned 148,167 shares of the company's stock, valued at $18,538,655.04. This trade represents a 9.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott J. Deboer sold 20,000 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the sale, the executive vice president directly owned 186,353 shares in the company, valued at $20,498,830. This represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock valued at $34,679,277 in the last ninety days. Company insiders own 0.30% of the company's stock.

Micron Technology Stock Performance

NASDAQ MU opened at $107.77 on Tuesday. The company has a market cap of $120.61 billion, a PE ratio of 19.42 and a beta of 1.37. The stock's 50 day simple moving average is $114.65 and its 200-day simple moving average is $97.93. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

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

Micron Technology Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Needham & Company LLC raised their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. KeyCorp upped their price target on shares of Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Arete Research raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. The Goldman Sachs Group started coverage on Micron Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $130.00 price objective on the stock. Finally, Susquehanna lifted their price objective on Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.44.

Micron Technology 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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