Nuveen LLC Purchases Shares of 4,248,949 Micron Technology, Inc. (NASDAQ:MU)

Nuveen LLC purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 4,248,949 shares of the semiconductor manufacturer's stock, valued at approximately $369,191,000. Nuveen LLC owned about 0.38% of Micron Technology as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Orca Wealth Management LLC increased its stake in Micron Technology by 1.5% during the 1st quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock valued at $737,000 after purchasing an additional 129 shares in the last quarter. Sunpointe LLC increased its stake in shares of Micron Technology by 4.0% in the first quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock worth $300,000 after acquiring an additional 131 shares during the period. Foundations Investment Advisors LLC increased its stake in shares of Micron Technology by 2.1% in the first quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock worth $570,000 after acquiring an additional 138 shares during the period. Carson Advisory Inc. increased its stake in shares of Micron Technology by 1.6% in the fourth quarter. Carson Advisory Inc. now owns 8,592 shares of the semiconductor manufacturer's stock worth $723,000 after acquiring an additional 139 shares during the period. Finally, Allen Capital Group LLC increased its stake in shares of Micron Technology by 3.2% in the first quarter. Allen Capital Group LLC now owns 4,460 shares of the semiconductor manufacturer's stock worth $388,000 after acquiring an additional 139 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the sale, the chief financial officer directly owned 264,036 shares in the company, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Manish H. Bhatia sold 80,000 shares of Micron Technology stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 286,042 shares of company stock valued at $34,679,277 in the last quarter. Insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of research reports. Barclays increased their price objective on shares of Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Mizuho increased their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research note on Thursday, June 5th. Cantor Fitzgerald increased their price objective on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Wells Fargo & Company increased their price objective on shares of Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Finally, TD Cowen increased their price objective on shares of Micron Technology from $125.00 to $150.00 and gave the stock a "buy" 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $146.44.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $118.89 on Monday. The firm has a 50-day simple moving average of $115.95 and a 200-day simple moving average of $98.07. The stock has a market capitalization of $133.05 billion, a price-to-earnings ratio of 21.42 and a beta of 1.37. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. 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 quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same period last year, the business earned $0.62 earnings per share. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently disclosed 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. This represents a $0.46 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is presently 8.29%.

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.

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