Russell Investments Group Ltd. Sells 94,389 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Russell Investments Group Ltd. reduced its stake in Micron Technology by 10.2%, selling 94,389 shares, leaving it with 828,388 shares worth approximately $72 million.
• Institutional investors collectively own 80.84% of Micron Technology, with significant increases from Vanguard Group (2.1% boost) and Capital World Investors (63.7% boost).
• Micron Technology reported earnings of $1.91 per share, exceeding estimates, with a total revenue of $9.30 billion for the quarter, highlighting strong financial performance.

Russell Investments Group Ltd. cut its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 10.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 828,388 shares of the semiconductor manufacturer's stock after selling 94,389 shares during the period. Russell Investments Group Ltd. owned 0.07% of Micron Technology worth $72,017,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in MU. Vanguard Group Inc. boosted its holdings in Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after acquiring an additional 2,049,163 shares in the last quarter. Capital World Investors boosted its holdings in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares in the last quarter. Capital International Investors increased its holdings in Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. Capital Research Global Investors increased its holdings in Micron Technology by 139.7% during the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock worth $1,370,280,000 after purchasing an additional 9,489,579 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Micron Technology by 13.7% during the 4th 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 in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Activity at Micron Technology

In other Micron Technology news, EVP Manish H. Bhatia sold 80,000 shares of the firm's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the sale, the executive vice president owned 275,067 shares of the company's stock, valued at $33,877,251.72. This trade represents a 22.53% 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 hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the sale, the director directly owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. The trade was a 23.52% 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 ninety days. 0.30% of the stock is currently owned by company insiders.

Micron Technology Price Performance

NASDAQ MU opened at $127.75 on Wednesday. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The stock has a market cap of $142.97 billion, a price-to-earnings ratio of 23.02 and a beta of 1.37. The company's 50 day moving average is $116.97 and its two-hundred day moving average is $98.42. 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 (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate 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 last year, the company earned $0.62 EPS. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MU. TD Cowen raised their price objective on shares of Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Barclays raised their price objective on shares of Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Wall Street Zen upgraded shares of Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Piper Sandler upped their price objective on shares of Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. Finally, Needham & Company LLC restated a "buy" rating and issued a $150.00 price objective on shares of Micron Technology in a research report on Monday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $147.24.

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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