Micron Technology, Inc. (NASDAQ:MU) Stock Position Raised by Rathbones Group PLC

Key Points

• Rathbones Group PLC significantly increased its stake in Micron Technology, acquiring an additional 80,839 shares, marking a 1,245.2% boost in holdings, now valued at approximately $7.59 million.
• Micron Technology reported a quarterly earnings per share of $1.91, exceeding analysts' expectations of $1.57, with revenue of $9.30 billion for the quarter.
• The company also declared a quarterly dividend of $0.115 per share, resulting in an annualized yield of 0.4%, reflecting a payout ratio of 8.29%.

Rathbones Group PLC grew its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 1,245.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,331 shares of the semiconductor manufacturer's stock after acquiring an additional 80,839 shares during the period. Rathbones Group PLC's holdings in Micron Technology were worth $7,588,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Callan Family Office LLC boosted its holdings in shares of Micron Technology by 5.6% in the 1st quarter. Callan Family Office LLC now owns 12,575 shares of the semiconductor manufacturer's stock valued at $1,093,000 after buying an additional 670 shares during the period. Bulltick Wealth Management LLC boosted its holdings in shares of Micron Technology by 137.5% in the 1st quarter. Bulltick Wealth Management LLC now owns 9,500 shares of the semiconductor manufacturer's stock valued at $827,000 after buying an additional 5,500 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Micron Technology by 0.7% in the 1st quarter. HighTower Advisors LLC now owns 497,443 shares of the semiconductor manufacturer's stock valued at $43,223,000 after buying an additional 3,560 shares during the period. Trust Asset Management LLC boosted its holdings in shares of Micron Technology by 1.5% in the 1st quarter. Trust Asset Management LLC now owns 12,734 shares of the semiconductor manufacturer's stock valued at $1,106,000 after buying an additional 188 shares during the period. Finally, AIA Group Ltd boosted its holdings in shares of Micron Technology by 172.0% in the 1st quarter. AIA Group Ltd now owns 36,362 shares of the semiconductor manufacturer's stock valued at $3,159,000 after buying an additional 22,994 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Price Performance

Shares of Micron Technology stock traded down $3.48 on Wednesday, hitting $124.27. The company had a trading volume of 18,405,397 shares, compared to its average volume of 22,154,266. The business has a 50-day simple moving average of $117.39 and a 200-day simple moving average of $98.60. 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 company has a market cap of $139.07 billion, a PE ratio of 22.39 and a beta of 1.37. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The business had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the previous year, the firm earned $0.62 EPS. Research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal 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 issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's payout ratio is presently 8.29%.

Insiders Place Their Bets

In related news, 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 sale, the director directly owned 22,762 shares in the company, valued at $2,848,664.30. The trade was a 23.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $291,557.12. Following the completion of the sale, the director owned 22,550 shares in the company, valued at $2,734,864. The trade was a 9.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 286,042 shares of company stock worth $34,679,277. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

MU has been the subject of several research reports. Piper Sandler lifted their price target on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Barclays lifted their price target on shares of Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Cantor Fitzgerald boosted their target price on shares of Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Susquehanna upped their target price on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a research report on Thursday, June 26th. Finally, Mizuho lifted their price target on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. One equities 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $147.24.

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.