Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Prudential PLC

Prudential PLC lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 338.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 146,901 shares of the semiconductor manufacturer’s stock after acquiring an additional 113,366 shares during the period. Prudential PLC’s holdings in Micron Technology were worth $19,322,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Tidemark LLC acquired a new stake in shares of Micron Technology during the fourth quarter valued at about $25,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology in the first quarter valued at $25,000. Pingora Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology in the 2nd quarter valued at $28,000. Finally, Frank Rimerman Advisors LLC acquired a new position in Micron Technology during the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Price Performance

MU opened at $87.31 on Monday. Micron Technology, Inc. has a 1 year low of $63.83 and a 1 year high of $157.54. The company’s 50 day simple moving average is $108.72 and its 200 day simple moving average is $115.04. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last issued its earnings results 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. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.57) earnings per share. On average, equities analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on 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 directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,174 shares of company stock worth $6,827,113. 0.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MU shares. Wedbush reiterated an “outperform” rating and set a $170.00 target price on shares of Micron Technology in a report on Thursday, June 27th. Bank of America lifted their price objective on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, June 17th. KeyCorp reduced their target price on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Raymond James increased their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Finally, UBS Group lowered their target price on shares of Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.12.

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.