KLP Kapitalforvaltning AS Acquires 23,600 Shares of Micron Technology, Inc. $MU

Key Points

• KLP Kapitalforvaltning AS increased its stake in Micron Technology by 6.2%, acquiring an additional 23,600 shares, bringing their total ownership to 403,105 shares valued at approximately $49.68 million.
• Micron Technology announced a quarterly dividend of $0.115 per share to be paid on October 21st, with a dividend yield of 0.2%.
• Analysts are optimistic about Micron Technology's performance, with multiple upgrades and a consensus rating of "Buy", reflecting a target price of approximately $187.08.

KLP Kapitalforvaltning AS grew its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 6.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 403,105 shares of the semiconductor manufacturer's stock after purchasing an additional 23,600 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Micron Technology were worth $49,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in MU. Ameliora Wealth Management Ltd. lifted its stake in Micron Technology by 279.7% in the second quarter. Ameliora Wealth Management Ltd. now owns 7,636 shares of the semiconductor manufacturer's stock valued at $941,000 after buying an additional 5,625 shares during the period. Tcfg Wealth Management LLC bought a new position in Micron Technology during the second quarter worth $208,000. KPP Advisory Services LLC grew its holdings in Micron Technology by 10.1% in the second quarter. KPP Advisory Services LLC now owns 2,951 shares of the semiconductor manufacturer's stock worth $364,000 after purchasing an additional 271 shares during the period. D.B. Root & Company LLC increased its stake in Micron Technology by 7.3% in the second quarter. D.B. Root & Company LLC now owns 3,237 shares of the semiconductor manufacturer's stock valued at $399,000 after purchasing an additional 219 shares in the last quarter. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of Micron Technology in the 2nd quarter valued at about $204,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Stock Performance

MU stock opened at $190.96 on Tuesday. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. The firm has a market cap of $213.71 billion, a PE ratio of 25.16, a P/E/G ratio of 0.41 and a beta of 1.56. The business has a 50 day moving average of $136.49 and a 200-day moving average of $111.49. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $201.00.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. Micron Technology's dividend payout ratio (DPR) is currently 6.06%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MU shares. Summit Insights upgraded shares of Micron Technology to a "strong-buy" rating in a research note on Tuesday, September 23rd. Needham & Company LLC lifted their price objective on shares of Micron Technology from $150.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Erste Group Bank started coverage on shares of Micron Technology in a research report on Thursday, August 14th. They set a "buy" rating for the company. KGI Securities raised shares of Micron Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, September 24th. Finally, Mizuho increased their price objective on Micron Technology from $182.00 to $195.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Micron Technology currently has a consensus rating of "Buy" and an average price target of $187.08.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $164.04, for a total transaction of $2,460,600.00. Following the completion of the sale, the executive vice president owned 131,580 shares in the company, valued at approximately $21,584,383.20. This trade represents a 10.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 15,000 shares of Micron Technology stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $180.86, for a total transaction of $2,712,900.00. Following the completion of the sale, the chief executive officer directly owned 310,148 shares in the company, valued at approximately $56,093,367.28. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 109,456 shares of company stock valued at $15,698,445. 0.30% of the stock is currently owned by company insiders.

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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