18,550 Shares in Micron Technology, Inc. (NASDAQ:MU) Acquired by RD Finance Ltd

Key Points

• RD Finance Ltd has made a new investment of $1.61 million in Micron Technology, Inc., acquiring 18,550 shares, which constitutes about 1.3% of its total holdings.
• Micron Technology reported earnings of $1.91 per share for the latest quarter, exceeding analysts' expectations of $1.57, and achieved a net revenue of $9.30 billion.
• Several institutional investors, including FMR LLC and Capital World Investors, significantly increased their stakes in Micron during the last quarter, reflecting strong confidence in the company's future.

RD Finance Ltd acquired a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 18,550 shares of the semiconductor manufacturer's stock, valued at approximately $1,612,000. Micron Technology makes up approximately 1.3% of RD Finance Ltd's investment portfolio, making the stock its 18th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Capital World Investors grew its position in Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after buying an additional 15,993,036 shares during the last quarter. FMR LLC grew its position in Micron Technology by 34.6% in the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after buying an additional 12,249,341 shares during the last quarter. Capital Research Global Investors grew its position in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the last quarter. Capital International Investors grew its position in Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after buying an additional 4,375,232 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Micron Technology by 198.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock valued at $550,903,000 after buying an additional 4,352,225 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Stock Performance

NASDAQ MU traded down $4.56 during trading hours on Friday, hitting $104.59. The company had a trading volume of 17,862,859 shares, compared to its average volume of 23,270,494. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The firm has a market cap of $117.04 billion, a P/E ratio of 18.84 and a beta of 1.35. The business has a fifty day simple moving average of $114.13 and a 200-day simple moving average of $97.94. 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 (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 return on equity of 13.60% and a net margin of 18.41%. The company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter in the prior year, the business posted $0.62 earnings per share. Equities analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio is currently 8.29%.

Insider Buying and Selling at Micron Technology

In other news, EVP Sumit Sadana sold 92,638 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. This trade represents a 31.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $28,864,415.52. This represents a 11.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock valued at $34,679,277 over the last 90 days. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on MU. Mizuho raised their target price on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a report on Thursday, June 5th. Piper Sandler raised their target price on Micron Technology from $120.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. KeyCorp raised their target price on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Stifel Nicolaus raised their target price on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, Bank of America raised their target price on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

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.