Allspring Global Investments Holdings LLC increased its holdings in Micron Technology Inc. (NASDAQ:MU – free report) by 88.4% during the first quarter, the company announced in its latest 13F filing with the Securities and Exchange Commission. The firm bought an additional 226,191 shares during the period, giving it a total holdings of 482,031 shares of the semiconductor manufacturer. Allspring Global Investments Holdings LLC’s holdings in Micron Technology were worth $56,827,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their holdings of the company. Norges Bank acquired a new position in Micron Technology shares in the fourth quarter, valued at approximately $769,372,000. Wellington Management Group increased its holding in Micron Technology by 43.4% in the third quarter. Wellington Management Group now owns 17,383,628 shares of the semiconductor maker’s stock, valued at $1,182,608,000, after purchasing an additional 5,257,201 shares in the last quarter. Morgan Stanley increased its holding in Micron Technology shares by 19.7% in the third quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock, valued at $1,177,151,000, after purchasing an additional 2,852,688 shares in the last quarter. California Public Employees Retirement System increased its holdings in Micron Technology by 125.0% in the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock, valued at $387,585,000, after purchasing an additional 2,523,267 shares in the last quarter. Finally, Phoenix Holdings Inc. increased its holdings in Micron Technology by 8,336.6% in the third quarter. Phoenix Holdings Inc. now owns 1,732,231 shares of the semiconductor manufacturer’s stock valued at $117,762,000 after purchasing an additional 1,753,262 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
MU has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their price target on Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. The Goldman Sachs Group raised their price target on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Susquehanna raised their price target on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. Stifel Nicolaus raised their price target on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Finally, Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a report on Thursday, March 21. Two equities research analysts have rated the stock with a hold rating and 25 have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of a “moderate buy” with an average target price of $158.52.
Check out our latest analysis for MU
Insiders bet
In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction value of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction value of $4,412,400.00. Following the close of the transaction, the Executive Vice President now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Additionally, Executive Vice President, April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction value of $664,355.40. Following the transaction, the Executive Vice President now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. In the most recent quarter, insiders sold 302,730 shares of the company’s stock for $37,771,649. Insiders now own 0.32% of the company’s stock.
Micron Technology Stock Performance
MU’s shares opened trading at $132.59 on Wednesday. The company’s 50-day simple moving average is $128.51 and its 200-day simple moving average is $106.81. The company’s quick ratio is 2.16, current ratio is 3.41 and debt-to-equity ratio is 0.29. The company has a market capitalization of $147.02 billion, a P/E ratio of -93.20 and a beta of 1.18. Micron Technology, Inc.’s 52-week low is $60.50 and its 52-week high is $157.54.
Micron Technology (NASDAQ:MU – Get free report ) announced its quarterly earnings on Wednesday, June 26th. The semiconductor manufacturer reported quarterly earnings per share (EPS) of $0.62, beating analysts’ consensus estimates of $0.48 by $0.14. Revenues from the business were $6.81 billion, beating the consensus estimate of $6.67 billion. Micron Technology had a net margin of -7.20% and a return on equity of -4.01%. Revenues from the business grew 81.5% year-over-year. EPS for the same period last year was ($1.57). Equity research analysts expect Micron Technology to post earnings per share of $0.39 for the current fiscal year.
Micron Technology Dividend Announcement
The company also recently declared a quarterly dividend, which is scheduled to be paid on Tuesday, July 23rd. Shareholders of record as of Monday, July 8th will be paid a dividend of $0.115 per share. The ex-dividend date for this dividend is Monday, July 8th. This equates to an annualized dividend of $0.46 and a yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is currently at -32.39%.
Micron Technology Profile
(Free report)
Micron Technology, Inc. designs, develops, manufactures and sells memory and storage products worldwide. The company operates through four segments: Computing and Networking, Mobile, Embedded and Storage. The company offers memory and storage technologies under the Micron and Crucial brands, as well as private labels, including dynamic random access memory semiconductor devices that provide low latency and fast data retrieval, nonvolatile rewriteable semiconductor storage devices, and nonvolatile rewriteable semiconductor memory devices that provide fast read speeds.
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