Resona Asset Management Co. Ltd. increased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 8.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 344,695 shares of the semiconductor manufacturer's stock after purchasing an additional 27,482 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Micron Technology were worth $30,033,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of MU. Duquesne Family Office LLC bought a new position in Micron Technology during the 4th quarter valued at $34,412,000. Janus Henderson Group PLC lifted its stake in Micron Technology by 74.6% during the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock valued at $222,779,000 after acquiring an additional 1,130,680 shares in the last quarter. Mission Wealth Management LP lifted its stake in Micron Technology by 195.2% during the 1st quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock valued at $1,360,000 after acquiring an additional 10,348 shares in the last quarter. Centre Asset Management LLC bought a new position in Micron Technology during the 1st quarter valued at $7,720,000. Finally, ProShare Advisors LLC lifted its stake in Micron Technology by 16.9% during the 4th quarter. ProShare Advisors LLC now owns 1,650,957 shares of the semiconductor manufacturer's stock valued at $138,945,000 after acquiring an additional 238,687 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Stifel Nicolaus raised their price objective on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. The Goldman Sachs Group initiated coverage on Micron Technology in a research note on Thursday, July 10th. They set a "neutral" rating and a $130.00 target price on the stock. KGI Securities cut Micron Technology from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. UBS Group lifted their target price on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, Piper Sandler lifted their target price on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $147.24.
Get Our Latest Stock Analysis on Micron Technology
Micron Technology Price Performance
MU stock traded down $3.48 during mid-day trading on Wednesday, reaching $124.27. 18,405,397 shares of the company traded hands, compared to its average volume of 22,154,266. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The company has a market capitalization of $139.07 billion, a P/E ratio of 22.39 and a beta of 1.37. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $129.85. The company has a fifty day moving average price of $117.39 and a 200-day moving average price of $98.60.
Micron Technology (NASDAQ:MU - Get Free Report) last posted its 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. The business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter in the previous year, the firm earned $0.62 EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.
Micron Technology Dividend Announcement
The firm also recently disclosed 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. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. Micron Technology's payout ratio is presently 8.29%.
Insider Activity at Micron Technology
In other news, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was 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 owned 148,167 shares of the company's stock, valued at approximately $18,538,655.04. The trade was a 9.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Sumit Sadana sold 92,638 shares of the business's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the transaction, the executive vice president directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. The trade was a 31.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock valued at $34,679,277 in the last ninety days. Insiders own 0.30% of the company's stock.
Micron Technology Company Profile
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Free Report)
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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