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

Allspring Global Investments Holdings LLC lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 8.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 723,479 shares of the semiconductor manufacturer’s stock after purchasing an additional 58,690 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Micron Technology were worth $63,181,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Exchange Traded Concepts LLC grew its stake in Micron Technology by 219.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 5,290 shares of the semiconductor manufacturer’s stock valued at $549,000 after acquiring an additional 3,635 shares in the last quarter. Creative Planning grew its stake in Micron Technology by 8.1% during the 3rd quarter. Creative Planning now owns 161,774 shares of the semiconductor manufacturer’s stock valued at $16,751,000 after acquiring an additional 12,168 shares in the last quarter. Swedbank AB grew its stake in Micron Technology by 30.4% during the 3rd quarter. Swedbank AB now owns 3,455,819 shares of the semiconductor manufacturer’s stock valued at $358,403,000 after acquiring an additional 806,639 shares in the last quarter. Sumitomo Life Insurance Co. grew its stake in Micron Technology by 2.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 10,793 shares of the semiconductor manufacturer’s stock valued at $1,119,000 after acquiring an additional 290 shares in the last quarter. Finally, Indiana Trust & Investment Management Co purchased a new stake in Micron Technology during the 3rd quarter valued at about $40,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total value of $416,676.90. Following the sale, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This represents a 2.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is owned by company insiders.

Micron Technology Stock Performance

Shares of MU stock opened at $95.66 on Friday. The firm’s 50 day moving average price is $96.24 and its 200-day moving average price is $98.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology, Inc. has a one year low of $79.15 and a one year high of $157.54. The firm has a market cap of $106.58 billion, a P/E ratio of 27.57 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.19. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm’s quarterly revenue was up 84.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.95) EPS. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.29 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 dividend on an annualized basis and a yield of 0.48%. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Sanford C. Bernstein dropped their price objective on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Wedbush reaffirmed an “outperform” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Tuesday, December 17th. The Goldman Sachs Group dropped their price objective on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Micron Technology in a research note on Wednesday, December 18th. Finally, Stifel Nicolaus dropped their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $134.96.

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.