Allspring Global Investments Holdings LLC Acquires 12,975 Shares of Micron Technology, Inc. (NASDAQ:MU)

Allspring Global Investments Holdings LLC lifted its holdings in Micron Technology, Inc. (NASDAQ:MU) by 2.7% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 495,006 shares of the semiconductor manufacturer’s stock after buying an additional 12,975 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Micron Technology were worth $65,108,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Atria Investments Inc grew its holdings in shares of Micron Technology by 0.3% during the first quarter. Atria Investments Inc now owns 27,749 shares of the semiconductor manufacturer’s stock valued at $3,269,000 after buying an additional 93 shares during the last quarter. Aspect Partners LLC lifted its position in Micron Technology by 39.8% during the 2nd quarter. Aspect Partners LLC now owns 330 shares of the semiconductor manufacturer’s stock worth $43,000 after acquiring an additional 94 shares during the period. Revolve Wealth Partners LLC grew its stake in Micron Technology by 1.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after purchasing an additional 98 shares during the last quarter. LRI Investments LLC increased its holdings in shares of Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares during the period. Finally, Retirement Group LLC raised its stake in shares of Micron Technology by 37.3% in the first quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock worth $43,000 after purchasing an additional 100 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $126.14, for a total transaction of $882,980.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $90,700,840.86. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at $19,335,731.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,174 shares of company stock valued at $7,710,093. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Bank of America increased their price target on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Barclays increased their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. Citigroup boosted their target price on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Needham & Company LLC cut their price target on Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price objective on shares of Micron Technology in a report on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $157.12.

Micron Technology Price Performance

NASDAQ:MU opened at $97.86 on Wednesday. The stock has a 50 day moving average of $117.57 and a two-hundred day moving average of $114.35. Micron Technology, Inc. has a 12 month low of $63.83 and a 12 month high of $157.54. The firm has a market cap of $108.51 billion, a P/E ratio of -68.92 and a beta of 1.18. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

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

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.47%. Micron Technology’s payout ratio is presently -32.39%.

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.