Townsquare Capital LLC Has $3.80 Million Holdings in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Townsquare Capital LLC increased its holdings in Micron Technology by 86.0%, acquiring an additional 20,197 shares during the first quarter, totaling 43,691 shares valued at approximately $3.8 million.
• Micron Technology's latest earnings report revealed earnings of $1.91 per share, surpassing estimates by $0.34 and showing strong revenue growth.
• Several analysts have revised their target prices for Micron, with JPMorgan Chase raising it to $165.00, indicating positive sentiment towards the stock's potential growth.

Townsquare Capital LLC raised its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 86.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,691 shares of the semiconductor manufacturer's stock after buying an additional 20,197 shares during the period. Townsquare Capital LLC's holdings in Micron Technology were worth $3,796,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Sunbeam Capital Management LLC acquired a new stake in Micron Technology in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the first quarter valued at about $33,000. AllSquare Wealth Management LLC lifted its stake in Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new stake in Micron Technology during the first quarter valued at about $36,000. Finally, Roxbury Financial LLC lifted its stake in Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after buying an additional 300 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Up 3.3%

NASDAQ:MU traded up $4.03 during trading hours on Tuesday, reaching $127.75. 25,954,869 shares of the stock were exchanged, compared to its average volume of 22,102,676. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $129.85. 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 firm has a 50 day moving average of $116.46 and a 200 day moving average of $98.21. The stock has a market cap of $142.97 billion, a PE ratio of 23.02 and a beta of 1.37.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping 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 company had revenue of $9.30 billion for the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter in the prior year, the business posted $0.62 EPS. On average, equities analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced 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. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio is 8.29%.

Insider Activity at Micron Technology

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 value of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sumit Sadana sold 92,638 shares of the firm's stock in a transaction on 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 completion of the transaction, the executive vice president owned 201,326 shares in the company, 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 sold a total of 286,042 shares of company stock worth $34,679,277 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have commented on MU. Wedbush upped their price objective on shares of Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. KeyCorp upped their price objective on shares of Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Morgan Stanley upped their target price on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a report on Thursday, June 26th. UBS Group upped their target price on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, Barclays upped their target price on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. 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 company's stock. According to data from MarketBeat.com, the stock 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.