Mirae Asset Global Investments Co. Ltd. Acquires 8,215 Shares of Micron Technology, Inc. $MU

Key Points

• Mirae Asset Global Investments increased its holdings in Micron Technology by 0.6%, acquiring an additional 8,215 shares during Q2, bringing its total to 1,426,406 shares valued at approximately $175.8 million.
• Analysts have raised price targets for Micron Technology, with UBS setting a new target of $195 and Wells Fargo increasing theirs to $220, reflecting a consensus rating of "Buy" among analysts.
• Micron Technology announced a quarterly dividend of $0.115 per share, payable on October 21st, with a dividend yield of 0.3% and a payout ratio of 6.06%.

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 0.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,426,406 shares of the semiconductor manufacturer's stock after acquiring an additional 8,215 shares during the quarter. Micron Technology accounts for about 0.6% of Mirae Asset Global Investments Co. Ltd.'s portfolio, making the stock its 24th largest position. Mirae Asset Global Investments Co. Ltd. owned 0.13% of Micron Technology worth $175,805,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the first quarter worth $33,000. AllSquare Wealth Management LLC lifted its holdings in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after buying an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Micron Technology in the 1st quarter valued at about $36,000. Harbor Investment Advisory LLC lifted its stake in shares of Micron Technology by 240.0% in the first quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock worth $37,000 after acquiring an additional 300 shares during the period. Finally, Saudi Central Bank bought a new stake in Micron Technology in the first quarter valued at approximately $38,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have issued reports on MU shares. Wall Street Zen upgraded shares of Micron Technology from a "buy" rating to a "strong-buy" rating in a report on Friday, September 26th. UBS Group boosted their target price on shares of Micron Technology from $185.00 to $195.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. Wells Fargo & Company upped their price target on shares of Micron Technology from $170.00 to $220.00 and gave the company an "overweight" rating in a research report on Wednesday, September 24th. Summit Insights raised Micron Technology to a "strong-buy" rating in a research report on Tuesday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a research note on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $184.77.

Micron Technology Price Performance

Shares of MU opened at $183.75 on Friday. The business's fifty day moving average is $133.36 and its 200 day moving average is $110.11. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $186.18. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. The stock has a market cap of $205.64 billion, a P/E ratio of 24.21, a P/E/G ratio of 0.40 and a beta of 1.56.

Micron Technology Announces Dividend

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

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $164.04, for a total transaction of $2,460,600.00. Following the transaction, the executive vice president owned 131,580 shares of the company's stock, valued at $21,584,383.20. The trade was a 10.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard M. Beyer sold 5,552 shares of the stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $155.68, for a total value of $864,335.36. Following the completion of the sale, the director directly owned 96,031 shares of the company's stock, valued at $14,950,106.08. The trade was a 5.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 94,456 shares of company stock worth $12,985,545 over the last ninety days. Insiders own 0.30% of the company's stock.

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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