Micron Technology, Inc. $MU Stock Position Increased by State of Alaska Department of Revenue

Key Points

• The State of Alaska Department of Revenue increased its stake in Micron Technology by 11.7%, owning 162,527 shares valued at approximately $20.03 million as of the latest reporting period.
• Analysts have recently raised their target prices for Micron Technology, with estimates now ranging from $175 to $250, reflecting strong confidence in the stock's performance.
• Micron Technology will pay a quarterly dividend of $0.115 on October 21st, with an annualized yield of 0.3% and a payout ratio of 6.06%.

State of Alaska Department of Revenue lifted its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 11.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 162,527 shares of the semiconductor manufacturer's stock after buying an additional 17,040 shares during the period. State of Alaska Department of Revenue's holdings in Micron Technology were worth $20,031,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. PFS Partners LLC raised its stake in shares of Micron Technology by 128.3% in the 2nd quarter. PFS Partners LLC now owns 6,213 shares of the semiconductor manufacturer's stock worth $766,000 after buying an additional 3,492 shares in the last quarter. BOS Asset Management LLC bought a new stake in shares of Micron Technology in the 2nd quarter worth $580,000. Five Oceans Advisors bought a new stake in shares of Micron Technology in the 2nd quarter worth $213,000. Bank Pictet & Cie Europe AG raised its stake in shares of Micron Technology by 16.8% in the 2nd quarter. Bank Pictet & Cie Europe AG now owns 49,127 shares of the semiconductor manufacturer's stock worth $6,055,000 after buying an additional 7,065 shares in the last quarter. Finally, Octavia Wealth Advisors LLC raised its stake in shares of Micron Technology by 2.1% in the 2nd quarter. Octavia Wealth Advisors LLC now owns 13,803 shares of the semiconductor manufacturer's stock worth $1,701,000 after buying an additional 279 shares in the last quarter. Institutional investors own 80.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MU. Wolfe Research boosted their price objective on Micron Technology from $160.00 to $180.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 17th. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $185.00 to $220.00 and gave the stock an "overweight" rating in a research note on Wednesday. Wells Fargo & Company lifted their target price on Micron Technology from $170.00 to $220.00 and gave the stock an "overweight" rating in a report on Wednesday. Rosenblatt Securities lifted their target price on Micron Technology from $200.00 to $250.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Barclays lifted their target price on Micron Technology from $140.00 to $175.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. Four analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $184.77.

Insider Transactions at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the sale, the director owned 20,146 shares in the company, valued at approximately $2,330,287.82. This represents a 10.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 13,798 shares of the company's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $162.20, for a total value of $2,238,035.60. Following the sale, the chief executive officer owned 325,148 shares of the company's stock, valued at approximately $52,739,005.60. This trade represents a 4.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,308 shares of company stock worth $19,804,967. 0.30% of the stock is owned by company insiders.

Micron Technology Stock Performance

Shares of MU stock opened at $157.27 on Friday. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $170.45. The company has a current ratio of 2.52, a quick ratio of 1.89 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $176.00 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 0.40 and a beta of 1.47. The stock's fifty day simple moving average is $128.30 and its 200-day simple moving average is $108.02.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 17.21% and a net margin of 22.84%.The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the previous year, the company posted $0.62 earnings per share. On average, sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be paid a $0.115 dividend. The ex-dividend date is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. Micron Technology's payout ratio is 6.06%.

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.

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