Vanguard Group Inc. Has $8.85 Billion Position in Micron Technology, Inc. (NASDAQ:MU)

Vanguard Group Inc. boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 2.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 101,906,368 shares of the semiconductor manufacturer’s stock after buying an additional 2,049,163 shares during the quarter. Vanguard Group Inc. owned about 0.09% of Micron Technology worth $8,854,644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MU. Capital World Investors raised its position in shares of Micron Technology by 63.7% in the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares in the last quarter. Capital International Investors raised its position in shares of Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after acquiring an additional 4,375,232 shares in the last quarter. Capital Research Global Investors raised its position in shares of Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after acquiring an additional 9,489,579 shares in the last quarter. Northern Trust Corp raised its position in shares of Micron Technology by 13.7% in the 4th quarter. Northern Trust Corp now owns 10,712,056 shares of the semiconductor manufacturer’s stock worth $901,527,000 after acquiring an additional 1,287,063 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Micron Technology by 23.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer’s stock valued at $922,467,000 after buying an additional 2,038,641 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Down 0.3%

Shares of MU stock opened at $108.78 on Thursday. The company’s fifty day simple moving average is $115.16 and its two-hundred day simple moving average is $98.09. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. The stock has a market capitalization of $121.74 billion, a price-to-earnings ratio of 19.60 and a beta of 1.37.

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

Micron Technology Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology’s dividend payout ratio (DPR) is 8.29%.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total value of $291,557.12. Following the sale, the director owned 22,550 shares in the company, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Steven J. Gomo sold 7,000 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the sale, the director owned 22,762 shares in the company, valued at $2,848,664.30. This trade represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock valued at $34,679,277 in the last ninety days. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MU shares. UBS Group boosted their target price on Micron Technology from $120.00 to $155.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Wall Street Zen raised Micron Technology from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Piper Sandler boosted their target price on Micron Technology from $120.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, June 26th. Citigroup boosted their target price on Micron Technology from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. Finally, Bank of America boosted their target price on Micron Technology from $84.00 to $140.00 and gave the company a “neutral” rating in a research report on Thursday, June 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Micron Technology presently has an average rating of “Moderate Buy” and an average target price of $146.44.

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.