Micron Technology, Inc. (NASDAQ:MU) Shares Purchased by Independence Bank of Kentucky

Independence Bank of Kentucky lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 100.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,161 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,081 shares during the quarter. Independence Bank of Kentucky’s holdings in Micron Technology were worth $284,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Hobbs Group Advisors LLC acquired a new position in Micron Technology during the 2nd quarter worth approximately $28,000. DecisionPoint Financial LLC purchased a new position in shares of Micron Technology in the 1st quarter valued at about $25,000. Valued Wealth Advisors LLC raised its position in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares in the last quarter. Richard W. Paul & Associates LLC lifted its stake in Micron Technology by 128.6% during the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares during the last quarter. Finally, LRI Investments LLC boosted its holdings in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Bank of America boosted 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. Wells Fargo & Company lifted their price objective on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, June 20th. UBS Group cut their price objective on Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Stifel Nicolaus upped their price target on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Finally, Piper Sandler increased their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $157.52.

Micron Technology Stock Down 1.4 %

Shares of NASDAQ:MU opened at $102.85 on Monday. The stock has a 50-day simple moving average of $118.55 and a 200-day simple moving average of $114.25. The stock has a market capitalization of $114.04 billion, a P/E ratio of -72.43 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $62.63 and a 1 year high of $157.54. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the firm earned ($1.57) earnings per share. Micron Technology’s revenue for the quarter was up 81.5% on a year-over-year basis. Equities analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $126.14, for a total value of $882,980.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $90,700,840.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $126.14, for a total transaction of $882,980.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $90,700,840.86. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Over the last three months, insiders sold 60,174 shares of company stock worth $8,635,073. 0.32% of the stock is currently owned by company insiders.

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.