Raymond James & Associates Grows Holdings in Micron Technology, Inc. (NASDAQ:MU)

Raymond James & Associates raised its position in Micron Technology, Inc. (NASDAQ:MU) by 41.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,628,113 shares of the semiconductor manufacturer’s stock after buying an additional 473,450 shares during the period. Raymond James & Associates’ holdings in Micron Technology were worth $191,938,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Tidemark LLC acquired a new stake in shares of Micron Technology in the 4th quarter valued at about $25,000. Pingora Partners LLC acquired a new stake in Micron Technology during the fourth quarter valued at approximately $26,000. OFI Invest Asset Management bought a new position in Micron Technology during the 3rd quarter worth approximately $27,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Micron Technology during the 3rd quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC acquired a new position in shares of Micron Technology in the 4th quarter worth approximately $29,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares in the company, valued at approximately $17,753,868.10. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $84.84, for a total transaction of $593,880.00. Following the sale, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $66,901,175.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 268,890 shares of company stock worth $29,738,667. Corporate insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

NASDAQ:MU traded up $3.26 during midday trading on Friday, hitting $114.84. 20,612,299 shares of the stock were exchanged, compared to its average volume of 24,401,036. The company has a market capitalization of $127.17 billion, a price-to-earnings ratio of -33.29 and a beta of 1.27. The company has a current ratio of 3.74, a quick ratio of 2.40 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a one year low of $59.55 and a one year high of $130.54. The business has a 50-day moving average price of $105.94 and a two-hundred day moving average price of $88.43.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. The company had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same period last year, the firm earned ($2.03) EPS. Sell-side analysts predict that Micron Technology, Inc. will post 0.24 EPS for the current year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Thursday, March 28th. Micron Technology’s payout ratio is -13.33%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays raised their price objective on Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, March 18th. JPMorgan Chase & Co. lifted their price target on shares of Micron Technology from $105.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Wedbush increased their price objective on shares of Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, March 21st. Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a report on Thursday, March 21st. Finally, TD Cowen upped their target price on Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $122.20.

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.