SouthState Corp Has $2.18 Million Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• SouthState Corp increased its holdings in Micron Technology by 173.0%, owning 25,094 shares worth approximately $2.18 million at the end of the latest reporting period.
• Major institutional investors significantly boosted their stakes in Micron Technology, with Capital World Investors increasing its position by 63.7% to hold over 41 million shares.
• Micron Technology reported $1.91 earnings per share for its latest quarter, exceeding estimates, and announced a $0.115 quarterly dividend, reflecting an annualized yield of 0.4%.

SouthState Corp grew its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 173.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,094 shares of the semiconductor manufacturer's stock after buying an additional 15,903 shares during the quarter. SouthState Corp's holdings in Micron Technology were worth $2,180,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Capital World Investors boosted its stake in shares of 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 purchasing an additional 15,993,036 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of 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 purchasing an additional 9,489,579 shares during the last quarter. Capital International Investors boosted its stake in shares of 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 purchasing an additional 4,375,232 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 purchasing an additional 4,352,225 shares during the last quarter. Finally, Nuveen LLC bought a new position in shares of Micron Technology in the 1st quarter valued at about $369,191,000. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Steven J. Gomo sold 7,000 shares of Micron Technology 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 sale, the director directly owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the sale, the executive vice president directly owned 201,326 shares in the company, valued at $25,264,399.74. The trade was a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 286,042 shares of company stock valued at $34,679,277. 0.30% of the stock is currently owned by company insiders.

Micron Technology Stock Performance

MU opened at $118.89 on Monday. The firm has a market cap of $133.05 billion, a P/E ratio of 21.42 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 debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The business's fifty day moving average is $115.95 and its 200-day moving average is $98.07.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. The business had revenue of $9.30 billion for 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 period last year, the firm posted $0.62 earnings per share. Sell-side analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Needham & Company LLC boosted their target price on Micron Technology from $120.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Stifel Nicolaus boosted their price objective on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. TD Cowen boosted their price objective on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Wedbush boosted their price objective on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Finally, Susquehanna boosted their price objective on Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Micron Technology presently has a consensus rating of "Moderate Buy" and an average target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.