Spectrum Financial Alliance Ltd LLC Acquires 40,494 Shares of Micron Technology, Inc. (NASDAQ:MU)

Spectrum Financial Alliance Ltd LLC grew its holdings in Micron Technology, Inc. (NASDAQ:MU) by 21.6% during the 1st quarter, HoldingsChannel reports. The firm owned 228,350 shares of the semiconductor manufacturer’s stock after acquiring an additional 40,494 shares during the quarter. Micron Technology comprises about 6.4% of Spectrum Financial Alliance Ltd LLC’s investment portfolio, making the stock its 8th biggest position. Spectrum Financial Alliance Ltd LLC’s holdings in Micron Technology were worth $19,841,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Applied Finance Capital Management LLC acquired a new stake in Micron Technology during the first quarter worth about $1,248,000. Mediolanum International Funds Ltd grew its position in Micron Technology by 108.1% during the first quarter. Mediolanum International Funds Ltd now owns 133,111 shares of the semiconductor manufacturer’s stock worth $11,772,000 after buying an additional 69,147 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in Micron Technology by 2.1% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 277,229 shares of the semiconductor manufacturer’s stock worth $24,080,000 after buying an additional 5,681 shares in the last quarter. Phoenix Financial Ltd. grew its position in Micron Technology by 58.6% during the first quarter. Phoenix Financial Ltd. now owns 62,495 shares of the semiconductor manufacturer’s stock worth $5,438,000 after buying an additional 23,091 shares in the last quarter. Finally, Stevens Capital Management LP grew its position in Micron Technology by 103.3% during the first quarter. Stevens Capital Management LP now owns 50,611 shares of the semiconductor manufacturer’s stock worth $4,398,000 after buying an additional 25,715 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Performance

MU stock opened at $111.26 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The company has a 50 day moving average price of $112.94 and a 200 day moving average price of $97.56. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The stock has a market capitalization of $124.51 billion, a PE ratio of 20.05 and a beta of 1.35.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion during the quarter, compared to analysts’ expectations of $8.83 billion. During the same quarter in the previous year, the company posted $0.62 EPS. Analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.41%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology’s dividend payout ratio (DPR) is presently 8.29%.

Analyst Upgrades and Downgrades

MU has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on Micron Technology from $98.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 26th. Robert W. Baird lifted their target price on Micron Technology from $163.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. JPMorgan Chase & Co. lifted their target price on Micron Technology from $135.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. UBS Group raised their price target on shares of Micron Technology from $120.00 to $155.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Finally, Citigroup raised their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $146.44.

Insider Activity

In other news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the transaction, the executive vice president owned 201,326 shares of the company’s stock, valued at $25,264,399.74. This represents a 31.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total value of $9,852,800.00. Following the completion of the transaction, the executive vice president directly owned 275,067 shares in the company, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 288,446 shares of company stock worth $34,871,597. Corporate insiders own 0.30% of the company’s stock.

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.