Wesleyan Assurance Society Has $6.79 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Wesleyan Assurance Society boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 78,100 shares of the semiconductor manufacturer's stock after purchasing an additional 4,200 shares during the period. Wesleyan Assurance Society's holdings in Micron Technology were worth $6,785,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in MU. FMR LLC boosted its position in shares of Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital World Investors boosted its stake in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Micron Technology by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock valued at $2,052,973,000 after purchasing an additional 726,282 shares in the last quarter. Norges Bank acquired a new position in Micron Technology during the fourth quarter valued at $1,470,875,000. Finally, Capital International Investors lifted its stake in Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after acquiring an additional 4,375,232 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

NASDAQ:MU traded up $1.95 during midday trading on Thursday, reaching $111.78. The stock had a trading volume of 16,901,269 shares, compared to its average volume of 23,463,439. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The firm's fifty day simple moving average is $112.35 and its 200-day simple moving average is $97.41. 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 stock has a market capitalization of $125.09 billion, a P/E ratio of 20.14 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last posted 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 business had revenue of $9.30 billion for 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 last year, the business posted $0.62 EPS. On average, equities research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders 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 payout ratio is 8.29%.

Wall Street Analysts Forecast Growth

MU has been the topic of several research analyst reports. Wedbush lifted their target price on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. Piper Sandler lifted their target price on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Cantor Fitzgerald increased their price objective on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Raymond James Financial increased their price objective on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Finally, Susquehanna increased 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. One research analyst has rated the stock with a sell rating, four have given a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.44.

Insider Activity at Micron Technology

In related news, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the transaction, the executive vice president directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. This trade represents a 31.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president directly owned 186,353 shares of the company's stock, valued at $20,498,830. This represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock worth $31,154,717 in the last ninety days. Company insiders own 0.30% of the company's stock.

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.