Penn Mutual Asset Management Buys Shares of 4,100 Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Penn Mutual Asset Management acquired 4,100 shares of Micron Technology, Inc., valued at approximately $356,000, during the first quarter of the year.
• Micron Technology recently reported strong quarterly earnings with an EPS of $1.91, surpassing estimates of $1.57 and achieving revenue of $9.30 billion.
• The company declared a quarterly dividend of $0.115, with an annualized yield of 0.4%, reflecting a dividend payout ratio of 8.29%.

Penn Mutual Asset Management bought a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,100 shares of the semiconductor manufacturer's stock, valued at approximately $356,000.

Several other large investors have also recently bought and sold shares of MU. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology in the first quarter valued at approximately $33,000. AllSquare Wealth Management LLC boosted its holdings in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Micron Technology in the first quarter valued at approximately $36,000. Finally, Roxbury Financial LLC boosted its holdings in shares of Micron Technology by 306.1% in the first 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. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Down 3.5%

Shares of NASDAQ MU opened at $120.87 on Friday. The company has a 50 day simple moving average of $118.02 and a 200 day simple moving average of $99.13. The firm has a market cap of $135.27 billion, a PE ratio of 21.78 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 company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results 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 analyst estimates of $8.83 billion. During the same quarter last year, the business earned $0.62 EPS. On average, research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a $0.115 dividend. The ex-dividend date of this dividend 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 presently 8.29%.

Wall Street Analyst Weigh In

Several brokerages recently commented on MU. TD Cowen increased their target price on shares of Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Rosenblatt Securities restated a "buy" rating and set a $200.00 target price on shares of Micron Technology in a report on Monday, August 11th. Morgan Stanley increased their target price on shares of Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Mizuho increased their target price on shares of Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. Finally, KGI Securities cut shares of Micron Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $147.24.

Insiders Place Their Bets

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total value of $3,716,880.00. Following the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of Micron Technology stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares in the company, valued at $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 have sold a total of 286,042 shares of company stock worth $34,679,277 in the last quarter. 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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