Raymond James & Associates Purchases 473,450 Shares of Micron Technology, Inc. (NASDAQ:MU)

Raymond James & Associates raised its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 41.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,628,113 shares of the semiconductor manufacturer’s stock after buying an additional 473,450 shares during the quarter. Raymond James & Associates owned about 0.15% of Micron Technology worth $191,938,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Aurora Private Wealth Inc. purchased a new stake in shares of Micron Technology during the 1st quarter valued at $252,000. Maryland State Retirement & Pension System lifted its position in Micron Technology by 0.9% in the 1st quarter. Maryland State Retirement & Pension System now owns 85,810 shares of the semiconductor manufacturer’s stock worth $10,016,000 after buying an additional 727 shares during the last quarter. Spinnaker Investment Group LLC bought a new stake in shares of Micron Technology in the 1st quarter worth approximately $228,000. Accel Wealth Management purchased a new stake in Micron Technology during the first quarter valued at about $487,000. Finally, Legacy Wealth Asset Management LLC boosted its holdings in Micron Technology by 14.6% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 13,348 shares of the semiconductor manufacturer’s stock valued at $1,574,000 after acquiring an additional 1,705 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on MU shares. Wells Fargo & Company upped their price target on Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Fox Advisors upgraded shares of Micron Technology from an “equal weight” rating to an “overweight” rating in a research report on Thursday, March 21st. Wedbush raised their price objective on shares of Micron Technology from $103.00 to $130.00 and gave the stock an “outperform” rating in a report on Thursday, March 21st. Citigroup reiterated a “buy” rating and set a $150.00 target price on shares of Micron Technology in a report on Thursday, April 4th. Finally, Bank of America raised their target price on Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Stock Performance

Shares of NASDAQ MU traded up $3.26 during trading on Friday, hitting $114.84. The company had a trading volume of 20,612,299 shares, compared to its average volume of 24,401,036. The stock has a 50 day simple moving average of $105.94 and a 200 day simple moving average of $88.43. The firm has a market capitalization of $127.17 billion, a P/E ratio of -33.29 and a beta of 1.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. Micron Technology, Inc. has a 12 month low of $59.55 and a 12 month high of $130.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company’s revenue was up 57.7% on a year-over-year basis. During the same period last year, the firm earned ($2.03) EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. Micron Technology’s dividend payout ratio is -13.33%.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the business’s stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the sale, the chief executive officer now directly owns 728,557 shares in the company, valued at $94,712,410. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the sale, the executive vice president now directly owns 148,817 shares in the company, valued at approximately $17,753,868.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 45,000 shares of Micron Technology stock in a transaction dated Thursday, April 4th. The stock was sold at an average price of $130.00, for a total value of $5,850,000.00. Following the completion of the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 268,890 shares of company stock valued at $29,738,667. Corporate insiders own 0.32% of the company’s stock.

Micron Technology 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.