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Micron Technology, Inc. (NASDAQ:MU) Holdings Cut by Invesco Ltd.

Micron Technology logo with Computer and Technology background

Key Points

  • Invesco Ltd. reduced its stake in Micron Technology by 15.4%, selling 1,571,960 shares and holding approximately 0.77% of the company valued at $750 million.
  • Recent analyst reports have led to multiple price target increases for Micron Technology, with a new target range between $130 and $160 and an average rating of "Moderate Buy".
  • Micron Technology announced a quarterly dividend of $0.115 per share, representing an annual yield of 0.4% and a payout ratio of 8.29%.
  • Want stock alerts on Micron Technology? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Invesco Ltd. lessened its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 15.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,635,943 shares of the semiconductor manufacturer's stock after selling 1,571,960 shares during the period. Invesco Ltd. owned 0.77% of Micron Technology worth $750,377,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MU. Sunbeam Capital Management LLC acquired a new stake in shares of Micron Technology in the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology in the 1st quarter worth approximately $33,000. Roxbury Financial LLC grew its holdings in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after acquiring an additional 300 shares during the period. AllSquare Wealth Management LLC grew its holdings in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares during the period. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Micron Technology in the 1st quarter worth approximately $36,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Trading Up 4.1%

Shares of MU stock traded up $4.88 on Monday, reaching $123.77. 35,014,261 shares of the stock were exchanged, compared to its average volume of 23,242,422. The stock has a market cap of $138.52 billion, a P/E ratio of 22.30 and a beta of 1.37. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The firm has a 50 day moving average of $115.95 and a two-hundred day moving average of $98.07. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly 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 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 in the prior year, the firm earned $0.62 EPS. On average, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Buying and Selling

In other news, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the 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 transaction, the executive vice president directly owned 148,167 shares in the company, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock worth $34,679,277 over the last quarter. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MU. Stifel Nicolaus upped their price target on Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Morgan Stanley upped their price target on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Citigroup upped their target price on Micron Technology from $130.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Wells Fargo & Company upped their price objective on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Finally, Susquehanna boosted their target price on shares of Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $146.44.

Read Our Latest Report on MU

Micron Technology Profile

(Free Report)

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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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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