Manning & Napier Advisors LLC Acquires Shares of 628,964 Micron Technology, Inc. (NASDAQ:MU)

Manning & Napier Advisors LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 628,964 shares of the semiconductor manufacturer’s stock, valued at approximately $82,728,000. Manning & Napier Advisors LLC owned 0.06% of Micron Technology at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in MU. Tidemark LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology during the first quarter valued at approximately $25,000. Pingora Partners LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC boosted its stake in shares of Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $109,496,781.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Sumit Sadana sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $123.01, for a total value of $1,476,120.00. Following the sale, the executive vice president now directly owns 218,048 shares of the company’s stock, valued at approximately $26,822,084.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders have sold 101,174 shares of company stock worth $13,716,343 in the last ninety days. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

MU has been the subject of several recent analyst reports. Wolfe Research raised their target price on shares of Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. Raymond James raised their target price on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. Morgan Stanley raised their target price on shares of Micron Technology from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, June 24th. Wells Fargo & Company raised their target price on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. Finally, Piper Sandler raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $157.92.

Micron Technology Price Performance

Shares of NASDAQ MU traded up $1.01 during trading on Friday, hitting $93.08. The company had a trading volume of 21,613,449 shares, compared to its average volume of 21,416,703. The stock has a fifty day simple moving average of $125.29 and a two-hundred day simple moving average of $112.66. Micron Technology, Inc. has a fifty-two week low of $61.75 and a fifty-two week high of $157.54. The firm has a market capitalization of $103.21 billion, a price-to-earnings ratio of -65.22 and a beta of 1.18. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter last year, the business earned ($1.57) earnings per share. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. On average, research analysts expect that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.49%. Micron Technology’s payout ratio is -32.39%.

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.