Zega Financial LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

by · The Markets Daily

Zega Financial LLC acquired a new position in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 2,100 shares of the semiconductor manufacturer’s stock, valued at approximately $276,000.

Several other large investors have also modified their holdings of MU. Vanguard Group Inc. grew its stake in Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares during the last quarter. Capital World Investors lifted its stake in Micron Technology by 6.6% in the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after buying an additional 1,400,154 shares during the last quarter. Sanders Capital LLC boosted its holdings in shares of Micron Technology by 2.3% in the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares during the period. Capital International Investors grew its position in shares of Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Micron Technology by 22.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after acquiring an additional 3,315,988 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 1.8 %

MU opened at $88.73 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The company has a market cap of $98.39 billion, a price-to-earnings ratio of -62.49 and a beta of 1.17. Micron Technology, Inc. has a one year low of $63.83 and a one year high of $157.54. The business’s fifty day moving average is $102.46 and its two-hundred day moving average is $114.96.

Micron Technology (NASDAQ:MU – Get Free Report) last released its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.57) EPS. Analysts anticipate that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MU shares. Needham & Company LLC decreased their price target on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Cantor Fitzgerald raised their price target on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Stifel Nicolaus upped their price objective on Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Mizuho lifted their target price on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Raymond James cut their price target on Micron Technology from $160.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $149.12.

Read Our Latest Stock Report on Micron Technology

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.32% of the company’s stock.

Micron Technology Company Profile

(Free Report)

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.

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