US Bancorp DE Has $77.41 Million Holdings in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• US Bancorp DE increased its holdings in Micron Technology by 52.7% in the first quarter, owning 890,852 shares valued at approximately $77.41 million.
• Several analysts have raised their target prices for Micron Technology, with TD Cowen, JPMorgan, Citigroup, and Cantor Fitzgerald setting new targets between $150 and $165.
• Micron Technology has declared a quarterly dividend of $0.115 per share, reflecting a dividend yield of 0.4% and a payout ratio of 8.29%.

US Bancorp DE grew its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 52.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 890,852 shares of the semiconductor manufacturer's stock after buying an additional 307,293 shares during the period. US Bancorp DE owned approximately 0.08% of Micron Technology worth $77,406,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Twin Capital Management Inc. lifted its holdings in Micron Technology by 0.5% during the 4th 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 during the last quarter. Cim Investment Management Inc. increased its holdings in Micron Technology by 0.5% in the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after buying an additional 114 shares during the period. Orca Wealth Management LLC increased its stake in Micron Technology by 1.5% in the first quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock valued at $737,000 after acquiring an additional 129 shares during the last quarter. Sunpointe LLC increased its stake in shares of Micron Technology by 4.0% in the 1st quarter. Sunpointe LLC now owns 3,443 shares of the semiconductor manufacturer's stock valued at $300,000 after purchasing an additional 131 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its stake in Micron Technology by 2.1% during the first quarter. Foundations Investment Advisors LLC now owns 6,561 shares of the semiconductor manufacturer's stock worth $570,000 after acquiring an additional 138 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. TD Cowen lifted their target price on shares of Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. increased their price objective on Micron Technology from $135.00 to $165.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Citigroup lifted their target price on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Cantor Fitzgerald increased their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Stifel Nicolaus lifted their price objective on Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One investment 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 company. Based on data from MarketBeat.com, Micron Technology has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Trading Down 3.9%

Shares of Micron Technology stock opened at $104.88 on Friday. 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 stock has a market capitalization of $117.37 billion, a P/E ratio of 18.90 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 stock's 50-day simple moving average is $114.36 and its 200 day simple moving average is $97.99.

Micron Technology (NASDAQ:MU - Get Free Report) last issued 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. The business had revenue of $9.30 billion for the quarter, compared to analysts' expectations 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 in the prior year, the firm posted $0.62 EPS. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Transactions at Micron Technology

In other Micron Technology news, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is owned by insiders.

Micron Technology 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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