Cambridge Investment Research Advisors Inc. Grows Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Cambridge Investment Research Advisors Inc. raised its holdings in Micron Technology, Inc. (NASDAQ:MU) by 8.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 179,754 shares of the semiconductor manufacturer’s stock after purchasing an additional 13,950 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Micron Technology were worth $23,643,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Clearbridge Investments LLC raised its holdings in shares of Micron Technology by 1.1% during the first quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after buying an additional 20,741 shares during the last quarter. Chapin Davis Inc. acquired a new position in Micron Technology during the 2nd quarter worth $4,056,000. Norden Group LLC grew its stake in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares in the last quarter. TCW Group Inc. increased its holdings in shares of Micron Technology by 5.7% during the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after purchasing an additional 28,649 shares during the period. Finally, Gulf International Bank UK Ltd raised its stake in shares of Micron Technology by 6.3% during the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after purchasing an additional 5,958 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Activity at Micron Technology

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Wolfe Research increased their price objective on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Citigroup boosted their target price on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, June 24th. TD Cowen lifted their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, June 27th. KeyCorp decreased their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Finally, Stifel Nicolaus lifted their price objective on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, June 18th. Two research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.12.

Micron Technology Stock Performance

NASDAQ MU traded down $1.05 during trading on Tuesday, reaching $97.86. The company’s stock had a trading volume of 16,759,830 shares, compared to its average volume of 21,343,146. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $108.51 billion, a price-to-earnings ratio of -68.92 and a beta of 1.18. The firm has a 50 day moving average price of $117.57 and a 200 day moving average price of $114.35. Micron Technology, Inc. has a 12 month low of $63.83 and a 12 month high of $157.54.

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

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

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.