Norden Group LLC Raises Stock Position in Micron Technology, Inc. $MU

Norden Group LLC lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 26.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 5,648 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,190 shares during the period. Norden Group LLC’s holdings in Micron Technology were worth $696,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC acquired a new position in Micron Technology during the first quarter worth approximately $369,191,000. Vanguard Group Inc. grew its position in shares of Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer’s stock worth $8,854,644,000 after acquiring an additional 2,049,163 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of 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 acquiring an additional 2,038,641 shares during the period. GAMMA Investing LLC raised its position in Micron Technology by 10,369.6% in the 1st quarter. GAMMA Investing LLC now owns 1,873,435 shares of the semiconductor manufacturer’s stock valued at $162,783,000 after purchasing an additional 1,855,541 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Micron Technology by 26.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer’s stock worth $590,807,000 after purchasing an additional 1,416,174 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In other news, EVP Manish H. Bhatia sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president owned 275,067 shares of the company’s stock, valued at $33,877,251.72. The trade was a 22.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark J. Murphy sold 34,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total value of $3,716,880.00. Following the completion of the transaction, the chief financial officer directly owned 264,036 shares of the company’s stock, valued at $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 156,308 shares of company stock valued at $19,804,967 in the last 90 days. Insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $156.83 on Friday. The company has a market cap of $175.51 billion, a P/E ratio of 20.66 and a beta of 1.47. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $170.45. The business has a fifty day moving average of $127.44 and a two-hundred day moving average of $107.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.89 and a current ratio of 2.52.

Micron Technology (NASDAQ:MU) last announced its quarterly 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 22.84% and a return on equity of 17.21%. The business had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter last year, the firm posted $0.62 EPS. As a group, analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a $0.115 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a yield of 0.3%. Micron Technology’s dividend payout ratio (DPR) is 8.29%.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of recent research reports. KGI Securities lowered shares of Micron Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 23rd. Wells Fargo & Company upped their price objective on Micron Technology from $170.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday. Wedbush lifted their target price on Micron Technology from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Wednesday. TD Cowen upped their price target on Micron Technology from $150.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Finally, Piper Sandler lifted their price objective on shares of Micron Technology from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $184.77.

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.