Rafferty Asset Management LLC Sells 428,360 Shares of Micron Technology, Inc. $MU

Key Points

• Rafferty Asset Management LLC reduced its stake in Micron Technology by 12.5%, selling 428,360 shares, leaving it with 2,995,396 shares valued at approximately $260 million.
• Several hedge funds, including Vanguard Group Inc. and Goldman Sachs Group Inc., increased their holdings in Micron Technology during the first quarter of the year.
• Micron Technology reported strong quarterly earnings, with $1.91 earnings per share exceeding analysts' expectations, and announced a quarterly dividend of $0.115 per share.

Rafferty Asset Management LLC decreased its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 12.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,995,396 shares of the semiconductor manufacturer's stock after selling 428,360 shares during the period. Micron Technology accounts for approximately 1.1% of Rafferty Asset Management LLC's holdings, making the stock its 17th largest position. Rafferty Asset Management LLC owned approximately 0.27% of Micron Technology worth $260,270,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MU. Vanguard Group Inc. grew its holdings in Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after purchasing an additional 2,049,163 shares during the period. Northern Trust Corp grew its holdings in Micron Technology by 13.7% during the fourth quarter. Northern Trust Corp now owns 10,712,056 shares of the semiconductor manufacturer's stock worth $901,527,000 after purchasing an additional 1,287,063 shares during the period. Goldman Sachs Group Inc. grew its holdings in Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock worth $922,467,000 after purchasing an additional 2,038,641 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Micron Technology by 0.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,938,848 shares of the semiconductor manufacturer's stock worth $602,917,000 after purchasing an additional 58,285 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Micron Technology by 26.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer's stock worth $590,807,000 after purchasing an additional 1,416,174 shares during the period. Institutional investors own 80.84% of the company's stock.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 20,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president directly owned 186,353 shares in the company, valued at $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of the business's 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 transaction, the executive vice president owned 148,167 shares of the company's stock, valued at approximately $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. Over the last quarter, insiders sold 286,042 shares of company stock valued at $34,679,277. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company lifted their price target on Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Needham & Company LLC restated a "buy" rating and set a $150.00 price objective on shares of Micron Technology in a report on Monday, August 11th. KeyCorp boosted their price objective on Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Cantor Fitzgerald boosted their price objective on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Finally, Wall Street Zen upgraded Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and an average target price of $147.24.

Micron Technology Stock Down 1.1%

NASDAQ MU opened at $116.42 on Tuesday. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The company has a 50 day moving average of $118.42 and a 200-day moving average of $100.30. The company has a market cap of $130.29 billion, a price-to-earnings ratio of 20.98 and a beta of 1.37.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the previous year, the business earned $0.62 earnings per share. Micron Technology has set its Q4 2025 guidance at 2.350-2.650 EPS. On average, equities research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

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 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 payout ratio is currently 8.29%.

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.

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