Phoenix Financial Ltd. Has $5.44 Million Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Phoenix Financial Ltd. has increased its stake in Micron Technology by 58.6%, acquiring an additional 23,091 shares, bringing its total to 62,495 shares valued at approximately $5.4 million.
• Micron Technology reported earnings per share of $1.91 for the last quarter, surpassing estimates by $0.34, and achieved revenues of $9.30 billion against a consensus estimate of $8.83 billion.
• Several analysts raised their target prices for Micron Technology, with estimates ranging between $140.00 and $170.00, reflecting strong sentiment towards the stock's future performance.

Phoenix Financial Ltd. grew its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 58.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 62,495 shares of the semiconductor manufacturer's stock after buying an additional 23,091 shares during the quarter. Phoenix Financial Ltd.'s holdings in Micron Technology were worth $5,438,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MU. Twin Capital Management Inc. lifted its position in Micron Technology by 0.5% during the fourth quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock worth $1,688,000 after buying an additional 108 shares in the last quarter. Cim Investment Management Inc. lifted its holdings in Micron Technology by 0.5% during the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock worth $1,941,000 after buying an additional 114 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its holdings in shares of Micron Technology by 1.1% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer's stock valued at $883,000 after purchasing an additional 119 shares during the last quarter. FineMark National Bank & Trust increased its position in Micron Technology by 3.9% in the 4th quarter. FineMark National Bank & Trust now owns 3,640 shares of the semiconductor manufacturer's stock valued at $306,000 after acquiring an additional 136 shares during the period. Finally, Carson Advisory Inc. grew its holdings in shares of Micron Technology by 1.6% in the 4th 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. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total transaction of $291,557.12. Following the transaction, the director directly owned 22,550 shares of the company's stock, valued at $2,734,864. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of Micron Technology stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total value of $3,716,880.00. Following the completion of the transaction, the chief financial officer directly owned 264,036 shares in the company, valued at $28,864,415.52. This represents a 11.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 288,446 shares of company stock valued at $34,871,597. Corporate insiders own 0.30% of the company's stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their price target on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Wedbush raised their target price on shares of Micron Technology from $150.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, June 26th. Needham & Company LLC boosted their target price on Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. JPMorgan Chase & Co. lifted their price target on shares of Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Rosenblatt Securities boosted their price target on shares of Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 23rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Stock Down 0.4%

MU stock traded down $0.47 during midday trading on Friday, reaching $111.26. 16,240,251 shares of the company were exchanged, compared to its average volume of 22,703,478. The stock's 50-day simple moving average is $112.94 and its 200 day simple moving average is $97.56. The company has a market cap of $124.51 billion, a price-to-earnings ratio of 20.05 and a beta of 1.35. 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 quick ratio of 1.89 and a current ratio of 2.75.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for 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 period in the previous year, the firm earned $0.62 EPS. On average, equities analysts forecast 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 given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.41%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

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.