First Trust Direct Indexing L.P. Acquires 3,194 Shares of Micron Technology, Inc. (NASDAQ:MU)

First Trust Direct Indexing L.P. boosted its stake in Micron Technology, Inc. (NASDAQ:MU) by 14.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,087 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,194 shares during the period. First Trust Direct Indexing L.P.’s holdings in Micron Technology were worth $3,075,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MU. Advisor Resource Council increased its stake in shares of Micron Technology by 97.0% during the first quarter. Advisor Resource Council now owns 6,100 shares of the semiconductor manufacturer’s stock valued at $719,000 after purchasing an additional 3,004 shares in the last quarter. Kovack Advisors Inc. raised its stake in Micron Technology by 7.4% during the first quarter. Kovack Advisors Inc. now owns 3,120 shares of the semiconductor manufacturer’s stock valued at $368,000 after buying an additional 214 shares during the last quarter. Financial Sense Advisors Inc. raised its stake in Micron Technology by 0.9% during the first quarter. Financial Sense Advisors Inc. now owns 52,305 shares of the semiconductor manufacturer’s stock valued at $6,166,000 after buying an additional 454 shares during the last quarter. Madrona Financial Services LLC bought a new stake in Micron Technology in the first quarter worth $250,000. Finally, Abundance Wealth Counselors purchased a new stake in shares of Micron Technology in the first quarter worth $236,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were 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 in the company, valued at $89,321,088.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $122.60, for a total value of $858,200.00. Following the transaction, the chief executive officer now directly owns 728,557 shares of the company’s stock, valued at $89,321,088.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total value of $1,572,396.03. Following the sale, the executive vice president now owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The disclosure for this sale can be found here. In the last three months, insiders have sold 257,730 shares of company stock worth $31,921,649. 0.32% of the stock is currently owned by company insiders.

Micron Technology Trading Up 3.2 %

MU stock traded up $4.23 during midday trading on Thursday, reaching $136.82. The company’s stock had a trading volume of 14,507,146 shares, compared to its average volume of 27,836,970. The firm has a market capitalization of $151.71 billion, a price-to-earnings ratio of -96.35 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $60.50 and a 1 year high of $157.54. 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 stock has a fifty day simple moving average of $129.42 and a two-hundred day simple moving average of $107.38.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period last year, the company posted ($1.57) earnings per share. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. On average, equities research analysts predict that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Announces Dividend

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 dividend of $0.115 per share. The ex-dividend date is Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.34%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Analysts Set New Price Targets

A number of brokerages have weighed in on MU. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Thursday, March 21st. The Goldman Sachs Group lifted their target price on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. StockNews.com raised Micron Technology from a “sell” rating to a “hold” rating in a report on Friday, March 22nd. Wedbush reaffirmed an “outperform” rating and issued a $170.00 price objective on shares of Micron Technology in a report on Thursday, June 27th. Finally, Piper Sandler increased their target price on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $158.52.

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.