Thornburg Investment Management Inc. Has $7.82 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Thornburg Investment Management Inc. reduced its stake in Micron Technology by 10%, now holding 89,937 shares worth approximately $7.82 million.
• Micron Technology's recent quarterly earnings report showed an earnings per share (EPS) of $1.91, surpassing analyst estimates of $1.57 by $0.34.
• Equity analysts have increased Micron's price targets, with projections reaching as high as $200.00, reflecting a generally positive outlook for the company's stock.

Thornburg Investment Management Inc. cut its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 10.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,937 shares of the semiconductor manufacturer's stock after selling 9,945 shares during the period. Thornburg Investment Management Inc.'s holdings in Micron Technology were worth $7,815,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Twin Capital Management Inc. lifted its stake in shares of Micron Technology by 0.5% during the fourth quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock worth $1,688,000 after purchasing an additional 108 shares in the last quarter. Cim Investment Management Inc. grew its holdings in shares of Micron Technology by 0.5% during the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after purchasing an additional 114 shares during the last quarter. Hazlett Burt & Watson Inc. grew its holdings in Micron Technology by 1.1% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer's stock worth $883,000 after buying an additional 119 shares in the last quarter. Sunpointe LLC grew its holdings in Micron Technology by 4.0% in the 1st quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock worth $300,000 after buying an additional 131 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in Micron Technology by 2.1% in the first quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock worth $570,000 after purchasing an additional 138 shares during the period. 80.84% of the stock is owned by institutional investors.

Micron Technology Stock Performance

Micron Technology stock opened at $111.25 on Tuesday. The company has a market cap of $124.50 billion, a price-to-earnings ratio of 20.05 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The stock's 50-day moving average is $113.19 and its 200-day moving average is $97.62.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. The business had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. During the same quarter in the previous year, the firm posted $0.62 EPS. Equities 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 announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.41%. Micron Technology's payout ratio is 8.29%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Mizuho increased their price objective on Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Deutsche Bank Aktiengesellschaft started coverage on Micron Technology in a research report on Thursday, July 10th. They issued a "buy" rating and a $150.00 price target on the stock. Susquehanna increased their target price on shares of Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research note on Thursday, June 26th. Robert W. Baird raised their price target on shares of Micron Technology from $163.00 to $200.00 and gave the stock an "outperform" rating in a research note on Friday, June 27th. Finally, Rosenblatt Securities raised their price objective on shares of Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. One research 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, Micron Technology presently has an average rating of "Moderate Buy" and an average price target of $146.44.

Insider Activity

In related news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the sale, the chief financial officer directly owned 264,036 shares of the company's stock, valued at $28,864,415.52. This trade represents a 11.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of Micron Technology stock in a transaction on 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 directly 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 disclosure for this sale can be found here. Insiders have sold 288,446 shares of company stock worth $34,871,597 over the last 90 days. 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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