Micron Technology, Inc. (NASDAQ:MU) Shares Bought by Spectrum Financial Alliance Ltd LLC

Spectrum Financial Alliance Ltd LLC increased its position in Micron Technology, Inc. (NASDAQ:MU) by 444.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,668 shares of the semiconductor manufacturer’s stock after purchasing an additional 51,156 shares during the quarter. Micron Technology accounts for 2.9% of Spectrum Financial Alliance Ltd LLC’s portfolio, making the stock its 10th largest position. Spectrum Financial Alliance Ltd LLC’s holdings in Micron Technology were worth $8,243,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Micron Technology in the fourth quarter valued at $769,372,000. Price T Rowe Associates Inc. MD raised its stake in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after purchasing an additional 3,315,988 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Micron Technology by 125.0% during the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 shares during the last quarter. Capital International Investors grew its stake in Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares in the last quarter. Finally, Swedbank AB increased its holdings in Micron Technology by 473.8% in the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock valued at $348,447,000 after buying an additional 2,187,460 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MU. Mizuho upped their price target on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Rosenblatt Securities restated a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a research report on Tuesday, June 25th. Wells Fargo & Company lifted their price target on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a report on Thursday, June 20th. JPMorgan Chase & Co. increased their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Finally, Barclays lifted their target price on Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $157.92.

Micron Technology Price Performance

Shares of MU stock traded down $1.71 during mid-day trading on Monday, hitting $106.28. 8,599,354 shares of the stock traded hands, compared to its average volume of 21,369,783. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm has a market cap of $117.85 billion, a price-to-earnings ratio of -74.35 and a beta of 1.18. The company’s 50-day simple moving average is $121.81 and its 200-day simple moving average is $113.53. Micron Technology, Inc. has a twelve month low of $62.63 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the previous year, the company earned ($1.57) earnings per share. Micron Technology’s revenue was up 81.5% compared to the same quarter last year. As a group, equities research analysts expect that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.43%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $127.66, for a total value of $893,620.00. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $91,793,795.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were 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 owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $127.66, for a total transaction of $893,620.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $91,793,795.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,174 shares of company stock worth $9,528,693. Corporate insiders own 0.32% of the company’s stock.

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.