New Age Alpha Advisors LLC Invests $3.60 Million in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• New Age Alpha Advisors LLC has invested approximately $3.60 million in Micron Technology, acquiring 41,431 shares during the first quarter.
• Analysts have raised their price targets for Micron Technology, with UBS Group increasing its target from $120.00 to $155.00 and giving the stock a "buy" rating.
• Micron Technology reported earnings of $1.91 per share for the last quarter, exceeding consensus estimates of $1.57, with revenues of $9.30 billion.

New Age Alpha Advisors LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 41,431 shares of the semiconductor manufacturer's stock, valued at approximately $3,600,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital World Investors boosted its position in Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. Capital Research Global Investors boosted its position in 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 valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the last quarter. Capital International Investors boosted its position in Micron Technology by 36.3% during 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 acquiring an additional 4,375,232 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Micron Technology by 198.4% during 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 acquiring an additional 4,352,225 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Micron Technology by 10,369.6% during the first quarter. GAMMA Investing LLC now owns 1,873,435 shares of the semiconductor manufacturer's stock valued at $162,783,000 after acquiring an additional 1,855,541 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Up 2.8%

NASDAQ:MU traded up $3.09 on Thursday, hitting $111.87. The stock had a trading volume of 18,953,427 shares, compared to its average volume of 21,117,796. 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 stock has a market cap of $125.20 billion, a P/E ratio of 20.16 and a beta of 1.37. 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 $115.46 and its two-hundred day simple moving average is $98.13.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. The firm 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 quarter last year, the business posted $0.62 EPS. Analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were paid a $0.115 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.4%. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the sale, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. This trade represents a 31.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through 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 completion of the sale, the director owned 22,550 shares of the company's stock, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,042 shares of company stock worth $34,679,277. Company insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MU shares. Piper Sandler upped their price target on shares of Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Citigroup increased their price objective on shares of Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. KGI Securities cut shares of Micron Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. Finally, Morgan Stanley increased their price objective on shares of Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

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.