SouthState Corp Raises Holdings in Micron Technology, Inc. (NASDAQ:MU)

SouthState Corp boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 386.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 9,191 shares of the semiconductor manufacturer’s stock after purchasing an additional 7,300 shares during the quarter. SouthState Corp’s holdings in Micron Technology were worth $774,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Harmony Asset Management LLC raised its stake in shares of Micron Technology by 75.6% in the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer’s stock valued at $1,233,000 after acquiring an additional 5,120 shares during the period. Lazard Freres Gestion S.A.S. raised its position in Micron Technology by 241.7% in the third quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer’s stock valued at $4,252,000 after purchasing an additional 29,000 shares during the period. E Fund Management Co. Ltd. raised its position in Micron Technology by 31.8% in the fourth quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer’s stock valued at $3,062,000 after purchasing an additional 8,780 shares during the period. Stablepoint Partners LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $569,000. Finally, State Street Corp grew its stake in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer’s stock valued at $5,001,592,000 after buying an additional 1,434,568 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analysts Set New Price Targets

MU has been the topic of several recent research reports. Wedbush reissued an “outperform” rating and set a $125.00 price target on shares of Micron Technology in a research report on Monday. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a research note on Friday, February 21st. Stifel Nicolaus dropped their price target on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Micron Technology in a research report on Wednesday, December 18th. Finally, Robert W. Baird dropped their target price on Micron Technology from $150.00 to $130.00 and set an “outperform” rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $134.16.

Micron Technology Stock Performance

Shares of MU stock opened at $103.11 on Tuesday. The company has a market cap of $114.88 billion, a P/E ratio of 29.71 and a beta of 1.23. The business has a 50 day moving average of $96.80 and a two-hundred day moving average of $98.13. Micron Technology, Inc. has a 52 week low of $83.54 and a 52 week high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. During the same quarter in the previous year, the firm posted ($0.95) EPS. The business’s revenue for the quarter was up 84.3% compared to the same quarter last year. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date was Monday, December 30th. Micron Technology’s dividend payout ratio is currently 13.26%.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the completion of the sale, the director now owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the completion of the transaction, the executive vice president now directly owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This represents a 2.63 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by company insiders.

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.