Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd increased its stake in Micron Technology by 108.1% during the first quarter, bringing its holdings to $11.77 million, consisting of 133,111 shares.
• Several other institutional investors, including FMR LLC and Capital World Investors, also significantly increased their positions in Micron Technology during the fourth quarter.
• Analysts have raised their price targets for Micron Technology, with Citigroup setting a target of $150.00, reflecting a bullish outlook on the company's performance.

Mediolanum International Funds Ltd increased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 108.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,111 shares of the semiconductor manufacturer's stock after acquiring an additional 69,147 shares during the quarter. Mediolanum International Funds Ltd's holdings in Micron Technology were worth $11,772,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. Skandinaviska Enskilda Banken AB publ grew its holdings in Micron Technology by 2.1% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 277,229 shares of the semiconductor manufacturer's stock valued at $24,080,000 after buying an additional 5,681 shares in the last quarter. Phoenix Financial Ltd. grew its holdings in Micron Technology by 58.6% during the 1st quarter. Phoenix Financial Ltd. now owns 62,495 shares of the semiconductor manufacturer's stock valued at $5,438,000 after buying an additional 23,091 shares in the last quarter. Stevens Capital Management LP grew its holdings in Micron Technology by 103.3% during the 1st quarter. Stevens Capital Management LP now owns 50,611 shares of the semiconductor manufacturer's stock valued at $4,398,000 after buying an additional 25,715 shares in the last quarter. AM Investment Strategies LLC purchased a new stake in Micron Technology during the 1st quarter valued at approximately $552,000. Finally, CloudAlpha Capital Management Limited Hong Kong grew its holdings in Micron Technology by 176.6% during the 1st quarter. CloudAlpha Capital Management Limited Hong Kong now owns 72,800 shares of the semiconductor manufacturer's stock valued at $6,326,000 after buying an additional 167,800 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total value of $291,557.12. Following the completion of the transaction, the director directly owned 22,550 shares of the company's stock, valued at approximately $2,734,864. The trade was a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the transaction, the director directly owned 22,762 shares of the company's stock, valued at $2,848,664.30. The trade was a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 288,446 shares of company stock valued at $34,871,597. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MU has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Mizuho increased their target price on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Wedbush raised their price target on Micron Technology from $150.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Barclays raised their price target on Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, UBS Group lifted their target price on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Stock Up 1.4%

Shares of MU stock traded up $1.55 during trading hours on Wednesday, reaching $113.51. 6,381,266 shares of the company's stock were exchanged, compared to its average volume of 23,196,734. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. The stock has a market cap of $127.03 billion, a PE ratio of 20.41 and a beta of 1.35. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The stock's fifty day moving average price is $113.47 and its two-hundred day moving average price is $97.72.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the previous year, the firm earned $0.62 earnings per share. Research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Micron Technology Company 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.