Swiss National Bank Acquires 10,300 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Swiss National Bank increased its stake in Micron Technology by 0.3%, owning a total of 3,142,500 shares worth approximately $273 million as of the last reporting period.
• Analysts have upgraded Micron Technology's rating multiple times, with Wedbush raising the target price from $150 to $165, and Barclays increasing theirs from $95 to $140.
• Micron reported a quarterly earnings per share (EPS) of $1.91, exceeding expectations, with revenue of $9.30 billion compared to analyst forecasts of $8.83 billion.

Swiss National Bank increased its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,142,500 shares of the semiconductor manufacturer's stock after purchasing an additional 10,300 shares during the period. Swiss National Bank owned about 0.28% of Micron Technology worth $273,052,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of MU. Capital World Investors increased its holdings in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares during the last quarter. Capital International Investors increased its stake in shares of Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after buying an additional 4,375,232 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Micron Technology by 198.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock valued at $550,903,000 after buying an additional 4,352,225 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after buying an additional 2,049,163 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Micron Technology in a research report on Thursday, July 10th. They set a "buy" rating and a $150.00 price target on the stock. Needham & Company LLC upped their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. The Goldman Sachs Group assumed coverage on shares of Micron Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $130.00 price target on the stock. KeyCorp upped their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Piper Sandler upped their price target on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $146.44.

Insider Activity

In other Micron Technology news, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the transaction, the director owned 22,762 shares of the company's stock, valued at $2,848,664.30. This represents a 23.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Tuesday, July 1st. The shares were 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 of the company's stock, valued at $2,734,864. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock valued at $34,679,277 in the last three months. 0.30% of the stock is currently owned by insiders.

Micron Technology Stock Up 6.3%

Shares of MU traded up $7.02 during mid-day trading on Friday, reaching $118.89. The company had a trading volume of 28,916,857 shares, compared to its average volume of 21,298,196. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The firm has a 50-day moving average price of $115.95 and a 200 day moving average price of $98.19. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $129.85. The company has a market capitalization of $133.05 billion, a price-to-earnings ratio of 21.42 and a beta of 1.37.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The business 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 earned $0.62 EPS. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given 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 0.4%. Micron Technology's dividend payout ratio (DPR) is currently 8.29%.

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.