Moran Wealth Management LLC Grows Stake in Micron Technology, Inc. (NASDAQ:MU)

Moran Wealth Management LLC lifted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 258.9% during the fourth quarter, Holdings Channel reports. The fund owned 46,696 shares of the semiconductor manufacturer’s stock after purchasing an additional 33,685 shares during the quarter. Moran Wealth Management LLC’s holdings in Micron Technology were worth $3,930,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MU. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Micron Technology by 21.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer’s stock worth $1,174,643,000 after purchasing an additional 2,022,180 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Micron Technology in the fourth quarter worth about $135,865,000. State Street Corp grew its stake in Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares in the last quarter. Worldquant Millennium Advisors LLC grew its stake in Micron Technology by 254.4% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer’s stock worth $192,840,000 after purchasing an additional 1,334,690 shares in the last quarter. Finally, Bridgewater Associates LP acquired a new position in Micron Technology in the third quarter worth about $102,018,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction 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 owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This trade represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MU shares. Robert W. Baird decreased their price target on Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. UBS Group decreased their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Piper Sandler decreased their target price on Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. JPMorgan Chase & Co. decreased their target price on Micron Technology from $180.00 to $145.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Stifel Nicolaus decreased their target price on 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 equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.96.

Micron Technology Price Performance

Shares of NASDAQ:MU opened at $87.08 on Tuesday. Micron Technology, Inc. has a 12 month low of $83.54 and a 12 month high of $157.54. The stock has a market cap of $97.02 billion, a price-to-earnings ratio of 25.10 and a beta of 1.23. The stock’s 50 day moving average price is $96.02 and its 200 day moving average price is $98.17. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the previous year, the company earned ($0.95) earnings per share. The firm’s quarterly revenue was up 84.3% compared to the same quarter last year. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were issued a dividend of $0.115 per share. The ex-dividend date was Monday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s payout ratio is 13.26%.

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.