Hodges Capital Management Inc. boosted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 31.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 211,626 shares of the semiconductor manufacturer’s stock after purchasing an additional 50,202 shares during the quarter. Hodges Capital Management Inc.’s holdings in Micron Technology were worth $17,423,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp increased its holdings in Micron Technology by 2.4% in the first quarter. State Street Corp now owns 45,911,286 shares of the semiconductor manufacturer’s stock valued at $2,770,316,000 after buying an additional 1,074,820 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Micron Technology by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 20,348,845 shares of the semiconductor manufacturer’s stock valued at $1,225,181,000 after buying an additional 253,179 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Micron Technology by 15.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,582,772 shares of the semiconductor manufacturer’s stock worth $1,060,946,000 after acquiring an additional 2,308,702 shares during the period. Bank of New York Mellon Corp lifted its holdings in Micron Technology by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 14,773,859 shares of the semiconductor manufacturer’s stock worth $891,455,000 after acquiring an additional 117,302 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Micron Technology by 59.2% in the fourth quarter. Morgan Stanley now owns 14,185,790 shares of the semiconductor manufacturer’s stock valued at $709,006,000 after acquiring an additional 5,274,984 shares during the period. 79.25% of the stock is currently owned by hedge funds and other institutional investors.
Micron Technology Stock Up 0.7 %
Shares of Micron Technology stock traded up $0.49 during trading on Thursday, reaching $69.89. The company’s stock had a trading volume of 2,691,452 shares, compared to its average volume of 15,388,791. The business’s fifty day moving average price is $68.40 and its 200-day moving average price is $66.42. Micron Technology, Inc. has a one year low of $48.43 and a one year high of $74.77. The company has a current ratio of 4.46, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30.
Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings results on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.08. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The company had revenue of $4.01 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same period in the previous year, the company earned $1.36 earnings per share. The company’s quarterly revenue was down 39.6% compared to the same quarter last year. Analysts forecast that Micron Technology, Inc. will post -2.56 earnings per share for the current fiscal year.
Micron Technology Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Tuesday, October 10th were issued a $0.115 dividend. The ex-dividend date was Friday, October 6th. This represents a $0.46 annualized dividend and a yield of 0.66%. Micron Technology’s dividend payout ratio (DPR) is -8.61%.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on MU. Evercore ISI boosted their price objective on Micron Technology from $80.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, September 26th. Deutsche Bank Aktiengesellschaft upgraded shares of Micron Technology from a “hold” rating to a “buy” rating and lifted their price objective for the company from $65.00 to $85.00 in a research report on Monday, September 18th. Mizuho upped their target price on shares of Micron Technology from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, September 21st. JPMorgan Chase & Co. boosted their price objective on Micron Technology from $75.00 to $80.00 in a research report on Thursday, September 28th. Finally, Robert W. Baird increased their price target on Micron Technology from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Thursday, September 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.75.
Check Out Our Latest Stock Report on MU
Insiders Place Their Bets
In other news, EVP April S. Arnzen sold 3,508 shares of Micron Technology stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $69.71, for a total transaction of $244,542.68. Following the sale, the executive vice president now directly owns 155,352 shares in the company, valued at approximately $10,829,587.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP April S. Arnzen sold 3,508 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $69.71, for a total value of $244,542.68. Following the sale, the executive vice president now owns 155,352 shares in the company, valued at approximately $10,829,587.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $67.54, for a total transaction of $472,780.00. Following the sale, the chief executive officer now owns 695,437 shares of the company’s stock, valued at approximately $46,969,814.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 202,057 shares of company stock worth $13,848,307. 0.33% of the stock is currently owned by company insiders.
About Micron Technology
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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