Maxi Investments CY Ltd Grows Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Maxi Investments CY Ltd increased its stake in Micron Technology by 8.4% in Q1, acquiring an additional 2,734 shares, bringing its total holdings to 35,200 shares valued at approximately $3.06 million.
• Several other institutional investors, including Capital World Investors, significantly raised their stakes in Micron Technology, leading to 80.84% of the company being owned by institutional investors and hedge funds.
• Micron Technology recently reported a quarterly earnings of $1.91 per share, surpassing analysts' expectations of $1.57, alongside a revenue of $9.30 billion, which also exceeded predicted figures.

Maxi Investments CY Ltd grew its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,200 shares of the semiconductor manufacturer's stock after purchasing an additional 2,734 shares during the quarter. Maxi Investments CY Ltd's holdings in Micron Technology were worth $3,059,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Sunbeam Capital Management LLC purchased a new position in shares of Micron Technology during the 4th quarter valued at approximately $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Micron Technology in the 1st quarter valued at approximately $33,000. AllSquare Wealth Management LLC raised its position in Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after purchasing an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. purchased a new stake in Micron Technology in the 1st quarter valued at about $36,000. Finally, Roxbury Financial LLC lifted 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 last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

Micron Technology stock traded down $0.28 during mid-day trading on Wednesday, reaching $108.78. 12,285,305 shares of the stock traded hands, compared to its average volume of 21,489,900. The stock has a market capitalization of $121.74 billion, a PE ratio of 19.60 and a beta of 1.37. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The business's 50-day moving average is $114.91 and its 200-day moving average is $98.01. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $129.85.

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. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the previous year, the business posted $0.62 earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

Insider Activity

In other news, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares in the company, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Sumit Sadana sold 92,638 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the transaction, the executive vice president owned 201,326 shares in the company, valued at $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on MU. Rosenblatt Securities upped their target price on shares of Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Susquehanna raised their price objective on Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday, June 26th. Wells Fargo & Company increased their price target on shares of Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Mizuho upped their price target on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Finally, Cantor Fitzgerald increased their target price on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" 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 given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and an average price target of $146.44.

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.