Micron Technology, Inc. (NASDAQ:MU) is Spectrum Financial Alliance Ltd LLC's 8th Largest Position

Key Points

• Spectrum Financial Alliance Ltd LLC increased its stake in Micron Technology, Inc. by 21.6%, making it the firm’s 8th largest position, now valued at approximately $19.84 million.
• Several institutional investors have also significantly increased their holdings in Micron Technology, contributing to an overall institutional ownership of 80.84%.
• Micron Technology reported an EPS of $1.91, exceeding analyst expectations, with revenue for the quarter reaching $9.30 billion, up from the previous year's earnings of $0.62 per share.

Spectrum Financial Alliance Ltd LLC increased its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 21.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 228,350 shares of the semiconductor manufacturer's stock after purchasing an additional 40,494 shares during the period. Micron Technology accounts for 6.4% of Spectrum Financial Alliance Ltd LLC's investment portfolio, making the stock its 8th biggest position. Spectrum Financial Alliance Ltd LLC's holdings in Micron Technology were worth $19,841,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in MU. Applied Finance Capital Management LLC acquired a new position in shares of Micron Technology during the first quarter worth about $1,248,000. Mediolanum International Funds Ltd lifted its stake in shares of Micron Technology by 108.1% in the first quarter. Mediolanum International Funds Ltd now owns 133,111 shares of the semiconductor manufacturer's stock worth $11,772,000 after acquiring an additional 69,147 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Micron Technology by 2.1% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 277,229 shares of the semiconductor manufacturer's stock worth $24,080,000 after acquiring an additional 5,681 shares in the last quarter. Phoenix Financial Ltd. lifted its stake in shares of Micron Technology by 58.6% in the first quarter. Phoenix Financial Ltd. now owns 62,495 shares of the semiconductor manufacturer's stock worth $5,438,000 after acquiring an additional 23,091 shares in the last quarter. Finally, Stevens Capital Management LP lifted its stake in shares of Micron Technology by 103.3% in the first quarter. Stevens Capital Management LP now owns 50,611 shares of the semiconductor manufacturer's stock worth $4,398,000 after acquiring an additional 25,715 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MU shares. Wedbush upped their price objective on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Morgan Stanley upped their price objective on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research note on Thursday, June 26th. Wall Street Zen upgraded Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Susquehanna upped their price objective on Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research note on Thursday, June 26th. Finally, Bank of America upped their price objective on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $146.44.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total transaction of $291,557.12. Following the transaction, the director directly owned 22,550 shares in the company, valued at $2,734,864. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the transaction, the director owned 22,762 shares in the company, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 288,446 shares of company stock valued at $34,871,597 in the last quarter. Corporate insiders own 0.30% of the company's stock.

Micron Technology Price Performance

MU opened at $111.26 on Friday. The stock has a fifty day moving average of $112.94 and a 200-day moving average of $97.56. The firm has a market capitalization of $124.51 billion, a P/E ratio of 20.05 and a beta of 1.35. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the prior year, the company earned $0.62 earnings per share. Equities analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. Micron Technology's dividend payout ratio is 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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