Oppenheimer Asset Management Inc. Grows Stake in Micron Technology, Inc. (NASDAQ:MU)

Oppenheimer Asset Management Inc. grew its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 78.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,759 shares of the semiconductor manufacturer's stock after acquiring an additional 7,352 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Micron Technology were worth $1,456,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Sunbeam Capital Management LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology in the 1st quarter valued at about $33,000. Roxbury Financial LLC grew its stake in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after buying an additional 300 shares during the period. Curio Wealth LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Finally, Hurley Capital LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $37,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the completion of the transaction, the executive vice president now directly owns 186,353 shares in the company, valued at approximately $20,498,830. The trade was a 9.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the completion of the transaction, the executive vice president now owns 148,167 shares of the company's stock, valued at $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,404 shares of company stock valued at $8,509,167. 0.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MU shares. Piper Sandler raised their target price on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday. Needham & Company LLC raised their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday. Cantor Fitzgerald raised their price target on shares of Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Thursday. Bank of America raised their price target on shares of Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday. Finally, Robert W. Baird raised their price target on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $146.21.

Micron Technology Stock Performance

Shares of Micron Technology stock traded down $1.24 during mid-day trading on Friday, hitting $124.76. 36,813,002 shares of the stock were exchanged, compared to its average volume of 23,307,672. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $137.13. The company has a 50-day simple moving average of $98.71 and a 200 day simple moving average of $94.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.99 and a current ratio of 3.13. The company has a market capitalization of $139.43 billion, a P/E ratio of 22.48 and a beta of 1.28.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly 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. The company had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.88%. During the same quarter in the previous year, the firm posted $0.62 EPS. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be issued a $0.115 dividend. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.37%. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

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.