Vanguard Group Inc. Has $8.85 Billion Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Vanguard Group Inc. increased its stake in Micron Technology by 2.1% in the first quarter, owning approximately 9.12% of the company, valued at $8.85 billion.
• Multiple analysts upgraded Micron Technology's stock ratings, with price targets as high as $160, reflecting strong investor confidence and a consensus rating of "Moderate Buy."
• Micron recently reported earnings of $1.91 per share, exceeding analysts' expectations, and announced a quarterly dividend of $0.115 per share.

Vanguard Group Inc. lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 2.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,906,368 shares of the semiconductor manufacturer's stock after buying an additional 2,049,163 shares during the period. Vanguard Group Inc. owned about 9.12% of Micron Technology worth $8,854,644,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Sunbeam Capital Management LLC acquired a new position in Micron Technology during the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Micron Technology in the first quarter valued at approximately $33,000. Roxbury Financial LLC lifted its position in shares of Micron Technology by 306.1% in 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 during the last quarter. AllSquare Wealth Management LLC lifted its position in shares of Micron Technology by 100.0% in 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 during the last quarter. Finally, MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Micron Technology in the first quarter valued at approximately $36,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MU has been the subject of a number of recent analyst reports. UBS Group raised their price objective on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. KeyCorp raised their price objective on Micron Technology from $135.00 to $160.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Barclays raised their price objective on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Arete Research raised Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. Finally, Raymond James Financial raised their price objective on Micron Technology from $120.00 to $150.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insider Activity at Micron Technology

In related news, Director Steven J. Gomo sold 7,000 shares of the firm's stock in a transaction on 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 owned 22,762 shares of the company's stock, valued at $2,848,664.30. This trade represents a 23.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total value of $291,557.12. Following the sale, the director directly owned 22,550 shares in the company, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock worth $34,679,277 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Micron Technology Trading Down 0.3%

Shares of MU stock opened at $108.78 on Thursday. The stock's fifty day moving average price is $115.16 and its two-hundred day moving average price is $98.09. The company has a market cap of $121.74 billion, a PE ratio of 19.60 and a beta of 1.37. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two 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.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share 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 firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter last year, the business posted $0.62 EPS. Equities analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were issued a dividend of $0.115 per share. 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 8.29%.

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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