Norden Group LLC Raises Stake in Micron Technology, Inc. (NASDAQ:MU)

Norden Group LLC lifted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 1,916.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 50,134 shares of the semiconductor manufacturer’s stock after purchasing an additional 47,648 shares during the quarter. Norden Group LLC’s holdings in Micron Technology were worth $5,910,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the company. Revolve Wealth Partners LLC grew its holdings in shares of Micron Technology by 1.5% during the 1st quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after purchasing an additional 98 shares during the period. Sandy Spring Bank grew its holdings in shares of Micron Technology by 11.1% during the 4th quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer’s stock worth $111,000 after purchasing an additional 130 shares during the period. First Affirmative Financial Network grew its holdings in shares of Micron Technology by 4.7% during the 1st quarter. First Affirmative Financial Network now owns 2,946 shares of the semiconductor manufacturer’s stock worth $347,000 after purchasing an additional 131 shares during the period. HMS Capital Management LLC grew its holdings in shares of Micron Technology by 0.7% during the 4th quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer’s stock worth $1,693,000 after purchasing an additional 138 shares during the period. Finally, JFS Wealth Advisors LLC grew its holdings in shares of Micron Technology by 11.0% during the 4th quarter. JFS Wealth Advisors LLC now owns 1,417 shares of the semiconductor manufacturer’s stock worth $121,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $122.60, for a total value of $858,200.00. Following the sale, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at $89,321,088.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $122.60, for a total value of $858,200.00. Following the completion of the transaction, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at approximately $89,321,088.20. The disclosure for this sale can be found here. Insiders have sold 257,730 shares of company stock valued at $31,921,649 over the last three months. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

MU has been the subject of a number of analyst reports. Wedbush restated an “outperform” rating and issued a $170.00 price target on shares of Micron Technology in a report on Thursday, June 27th. UBS Group decreased their price target on Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Piper Sandler upped their price target on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. StockNews.com upgraded Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Finally, JPMorgan Chase & Co. upped their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Stock Performance

MU stock opened at $136.82 on Friday. 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 cap of $151.71 billion, a P/E ratio of -96.35 and a beta of 1.18. Micron Technology, Inc. has a 12-month low of $60.50 and a 12-month high of $157.54. The stock’s 50 day simple moving average is $129.42 and its 200 day simple moving average is $107.38.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating 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 return on equity of 4.01% and a negative net margin of 7.20%. The business’s revenue was up 81.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.57) EPS. As a group, equities research analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.34%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

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.