Skandinaviska Enskilda Banken AB publ Raises Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Skandinaviska Enskilda Banken AB publ has increased its stake in Micron Technology, Inc. by 2.1%, now holding 277,229 shares valued at approximately $24 million.
• Multiple institutional investors have also boosted their positions in Micron Technology, with significant increases from firms like Brighton Jones LLC and Mitsubishi UFJ Asset Management.
• Micron's latest earnings report exceeded estimates, with a reported $1.91 earnings per share, and the company announced a $0.115 quarterly dividend, which was paid to shareholders on July 22nd.

Skandinaviska Enskilda Banken AB publ increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 277,229 shares of the semiconductor manufacturer's stock after buying an additional 5,681 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Micron Technology were worth $24,080,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in Micron Technology by 18.3% during the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer's stock worth $532,000 after acquiring an additional 976 shares during the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Micron Technology by 19.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 85,722 shares of the semiconductor manufacturer's stock valued at $7,214,000 after buying an additional 13,985 shares during the last quarter. Ausdal Financial Partners Inc. raised its position in shares of Micron Technology by 5.0% in the fourth quarter. Ausdal Financial Partners Inc. now owns 6,207 shares of the semiconductor manufacturer's stock valued at $522,000 after buying an additional 296 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Micron Technology by 9.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,882,423 shares of the semiconductor manufacturer's stock valued at $169,173,000 after buying an additional 155,326 shares during the last quarter. Finally, UniSuper Management Pty Ltd raised its position in shares of Micron Technology by 6.4% in the fourth quarter. UniSuper Management Pty Ltd now owns 207,919 shares of the semiconductor manufacturer's stock valued at $17,498,000 after buying an additional 12,436 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MU. UBS Group boosted their price objective on shares of Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Bank of America boosted their price objective on shares of Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Stifel Nicolaus upped their price target on shares of Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Raymond James Financial upped their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Finally, Arete Research raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $146.44.

Micron Technology Trading Down 0.4%

Shares of Micron Technology stock opened at $111.26 on Friday. The company's fifty 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. 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.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping 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 firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the previous year, the company earned $0.62 earnings per share. As a group, sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were paid a $0.115 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. Micron Technology's dividend payout ratio is presently 8.29%.

Insider Buying and Selling

In related news, CFO Mark J. Murphy sold 34,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at $28,864,415.52. This represents a 11.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the company'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 transaction, the director owned 22,762 shares in the company, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 288,446 shares of company stock worth $34,871,597 in the last three months. Company insiders own 0.30% of the company's stock.

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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