Micron Technology, Inc. (NASDAQ:MU) Shares Bought by Acadian Asset Management LLC

Acadian Asset Management LLC grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 15.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,810 shares of the semiconductor manufacturer’s stock after buying an additional 19,928 shares during the period. Acadian Asset Management LLC’s holdings in Micron Technology were worth $20,094,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MU. Clearbridge Investments LLC increased its position in Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after buying an additional 20,741 shares during the period. Chapin Davis Inc. purchased a new stake in Micron Technology in the 2nd quarter valued at $4,056,000. Norden Group LLC boosted its stake in Micron Technology by 1,916.7% during the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares during the period. TCW Group Inc. grew its position in Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its stake in Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after purchasing an additional 5,958 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Price Performance

MU stock opened at $86.27 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $95.66 billion, a price-to-earnings ratio of -60.75 and a beta of 1.17. The stock’s fifty day simple moving average is $107.82 and its 200-day simple moving average is $115.04. Micron Technology, Inc. has a 52-week low of $63.83 and a 52-week high of $157.54.

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. 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 analysts’ expectations of $6.67 billion. During the same quarter last year, the firm earned ($1.57) earnings per share. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. Equities research analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

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

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’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 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 can be accessed through this link. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction 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 transaction, the executive vice president now 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 accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following 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. Corporate insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MU shares. Mizuho raised their price target on Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Piper Sandler lifted their target price on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Bank of America boosted their target price on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. KeyCorp decreased their price target on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.12.

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.