July 16, 2024

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Allspring Global Investments Holdings LLC Increases Stake in Micron Technology, Inc. (NASDAQ:MU)

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Allspring Global Investments Holdings LLC increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 88.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 482,031 shares of the semiconductor manufacturer’s stock after buying an additional 226,191 shares during the period. 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 stakes in the company. Norges Bank acquired a new position in Micron Technology during the 4th quarter worth approximately $769,372,000. Wellington Management Group LLP boosted its holdings in shares of Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after buying an additional 5,257,201 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after buying an additional 2,852,688 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after buying an additional 2,523,267 shares in the last quarter. Finally, Phoenix Holdings Ltd. boosted its holdings in shares of Micron Technology by 8,336.6% in the 3rd quarter. Phoenix Holdings Ltd. now owns 1,732,231 shares of the semiconductor manufacturer’s stock valued at $117,762,000 after buying 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. upped their target price on shares of 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 upped their target price on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Susquehanna upped their target price on shares of Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. Stifel Nicolaus upped their target price on shares of 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 21st. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $158.52.

Check Out Our Latest Analysis on MU

Insiders Place Their Bets

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction 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. Over the last quarter, insiders sold 302,730 shares of company stock worth $37,771,649. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

Shares of MU opened at $132.59 on Wednesday. The company has a 50-day simple moving average of $128.51 and a 200-day simple moving average of $106.81. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $147.02 billion, a PE ratio of -93.20 and a beta of 1.18. Micron Technology, Inc. has a 52-week low of $60.50 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU – Get Free Report) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue was up 81.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.57) EPS. Equities research analysts predict that Micron Technology, Inc. will post 0.39 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.35%. Micron Technology’s dividend payout ratio (DPR) is currently -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: 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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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)



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