LGT Group Foundation Has $6.91 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• LGT Group Foundation reduced its stake in Micron Technology, Inc. by 8.9% during the first quarter, now holding shares valued at $6.91 million.
• Recent insider transactions included the sale of 15,000 shares by EVP April S. Arnzen and 20,000 shares by EVP Scott J. Deboer, indicative of a decrease in their positions.
• Analysts have raised their price targets for Micron Technology, with Morgan Stanley's new target at $135.00 while maintaining an "equal weight" rating.

LGT Group Foundation cut its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 8.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,539 shares of the semiconductor manufacturer's stock after selling 7,817 shares during the period. LGT Group Foundation's holdings in Micron Technology were worth $6,911,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MU. Sunbeam Capital Management LLC purchased a new stake in shares of Micron Technology in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new position in Micron Technology during the 1st quarter worth approximately $33,000. AllSquare Wealth Management LLC grew its position in Micron Technology by 100.0% during 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 last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in Micron Technology during the 1st quarter worth approximately $36,000. Finally, Roxbury Financial LLC grew its position in Micron Technology by 306.1% during 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 last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the transaction, the executive vice president owned 148,167 shares in the company, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott J. Deboer sold 20,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president owned 186,353 shares in the company, valued at approximately $20,498,830. This represents a 9.69% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent analyst reports. Morgan Stanley lifted their price objective on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. Cantor Fitzgerald lifted their price objective on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Rosenblatt Securities boosted their price target on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Piper Sandler boosted their price objective on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Finally, KGI Securities downgraded Micron Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. One equities 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 assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.24.

Micron Technology Trading Up 3.3%

Micron Technology stock opened at $127.75 on Wednesday. The firm has a 50-day moving average price of $116.97 and a two-hundred day moving average price of $98.42. The firm has a market capitalization of $142.97 billion, a price-to-earnings ratio of 23.02 and a beta of 1.37. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $129.85. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 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 business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same period in the prior year, the business earned $0.62 earnings per share. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were paid a $0.115 dividend. 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 currently 8.29%.

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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