ING Groep NV Has $2.15 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• ING Groep NV reduced its holdings in Micron Technology by 97.3%, selling 883,453 shares and leaving it with 24,754 shares valued at $2.15 million.
• Several institutional investors, such as Commonwealth Equity Services LLC and Blair William & Co., have increased their stakes in Micron Technology, reflecting a broader trend of investment interest in the company.
• Micron Technology reported a quarterly earnings per share of $1.91, surpassing estimates, with projected earnings for the current year set at 6.08, indicating strong financial performance.

ING Groep NV reduced its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 97.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,754 shares of the semiconductor manufacturer's stock after selling 883,453 shares during the quarter. ING Groep NV's holdings in Micron Technology were worth $2,151,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in Micron Technology by 18.3% in the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after buying an additional 976 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Micron Technology by 19.5% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock worth $7,214,000 after buying an additional 13,985 shares in the last quarter. World Investment Advisors grew its holdings in Micron Technology by 119.3% in the 4th quarter. World Investment Advisors now owns 7,269 shares of the semiconductor manufacturer's stock worth $612,000 after buying an additional 3,954 shares in the last quarter. Invesco Ltd. grew its holdings in Micron Technology by 1.7% in the 4th quarter. Invesco Ltd. now owns 10,207,903 shares of the semiconductor manufacturer's stock worth $859,097,000 after buying an additional 175,187 shares in the last quarter. Finally, Twin Capital Management Inc. grew its holdings in Micron Technology by 0.5% in the 4th quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock worth $1,688,000 after buying an additional 108 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Stock Up 2.8%

NASDAQ:MU traded up $3.09 during trading hours on Thursday, hitting $111.87. 18,953,427 shares of the stock traded hands, compared to its average volume of 21,117,796. The firm has a 50 day moving average price of $115.46 and a 200 day moving average price of $98.13. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The firm has a market cap of $125.20 billion, a price-to-earnings ratio of 20.16 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) 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 the consensus estimate of $8.83 billion. During the same period in the previous year, the business earned $0.62 EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

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 $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 dividend yield of 0.4%. Micron Technology's dividend payout ratio is 8.29%.

Analyst Upgrades and Downgrades

MU has been the subject of a number of research analyst reports. Susquehanna upped their target price on Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a research report on Thursday, June 26th. Piper Sandler upped their target price on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Wells Fargo & Company upped their target price on Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Bank of America upped their target price on Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Finally, Arete Research upgraded Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insiders Place Their Bets

In other news, EVP Sumit Sadana sold 92,638 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the transaction, 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 legal filing with the SEC, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction on 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 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 three months. Company insiders own 0.30% of the company's stock.

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.