AQR Capital Management LLC Acquires 365,647 Shares of Micron Technology, Inc. (NASDAQ:MU)

AQR Capital Management LLC grew its holdings in Micron Technology, Inc. (NASDAQ:MU) by 360.7% in the 2nd quarter, HoldingsChannel reports. The firm owned 467,026 shares of the semiconductor manufacturer’s stock after buying an additional 365,647 shares during the quarter. AQR Capital Management LLC’s holdings in Micron Technology were worth $61,428,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. AXA S.A. raised its stake in Micron Technology by 1.0% in the second quarter. AXA S.A. now owns 478,985 shares of the semiconductor manufacturer’s stock worth $63,001,000 after buying an additional 4,545 shares in the last quarter. AlTi Global Inc. increased its holdings in shares of Micron Technology by 4.8% in the 2nd quarter. AlTi Global Inc. now owns 3,766 shares of the semiconductor manufacturer’s stock valued at $495,000 after acquiring an additional 172 shares during the period. Albar Capital Ltd bought a new position in shares of Micron Technology in the 2nd quarter worth $8,920,000. Alight Capital Management LP lifted its stake in shares of Micron Technology by 14.3% during the 2nd quarter. Alight Capital Management LP now owns 40,000 shares of the semiconductor manufacturer’s stock worth $5,261,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Caxton Associates LP boosted its position in Micron Technology by 2,500.0% during the second quarter. Caxton Associates LP now owns 1,300,000 shares of the semiconductor manufacturer’s stock valued at $170,989,000 after purchasing an additional 1,250,000 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 2.2 %

NASDAQ:MU opened at $107.50 on Friday. The firm has a market capitalization of $119.20 billion, a P/E ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17. The company’s fifty day moving average price is $97.77 and its 200-day moving average price is $114.60. Micron Technology, Inc. has a 1-year low of $63.83 and a 1-year high of $157.54. 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 released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same quarter last year, the business posted ($1.21) EPS. The company’s revenue was up 93.3% on a year-over-year basis. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. Micron Technology’s payout ratio is -32.39%.

Analysts Set New Price Targets

A number of equities analysts have commented on MU shares. Citigroup reduced their target price on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Bank of America increased their target price on shares of Micron Technology from $110.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday. Robert W. Baird cut their price target on shares of Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday. Morgan Stanley upped their price target on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Wells Fargo & Company lowered their price objective on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $144.38.

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.