Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by NewEdge Advisors LLC

NewEdge Advisors LLC grew its holdings in Micron Technology, Inc. (NASDAQ:MU) by 79.4% during the 2nd quarter, Holdings Channel reports. The firm owned 95,088 shares of the semiconductor manufacturer’s stock after buying an additional 42,080 shares during the period. NewEdge Advisors LLC’s holdings in Micron Technology were worth $12,507,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of MU. Price T Rowe Associates Inc. MD grew its position in shares of Micron Technology by 22.2% in the first 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 during the last quarter. Capital International Investors grew its position in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after purchasing an additional 2,397,885 shares during the last quarter. Swedbank AB grew its position in shares of 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 purchasing an additional 2,187,460 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of Micron Technology by 301,500.0% in the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after purchasing an additional 1,809,000 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Micron Technology by 28.9% in the first quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock valued at $892,023,000 after purchasing an additional 1,695,876 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. KeyCorp lowered their price target on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. TD Cowen upped their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company reduced their price objective on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Cantor Fitzgerald upped their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research note on Monday, June 17th. Finally, BNP Paribas downgraded shares of Micron Technology from an “outperform” rating to an “underperform” rating and reduced their price objective for the company from $140.00 to $67.00 in a research note on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $144.38.

Micron Technology Price Performance

MU opened at $107.50 on Monday. The company has a fifty day simple moving average of $97.63 and a 200 day simple moving average of $114.96. The firm has a market cap of $119.20 billion, a price-to-earnings ratio of -75.70, a PEG ratio of 0.20 and a beta of 1.17. Micron Technology, Inc. has a twelve month low of $63.83 and a twelve month high of $157.54. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results 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. The business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue was up 93.3% on a year-over-year basis. During the same period last year, the business earned ($1.21) EPS. Equities research analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

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

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.