iA Global Asset Management Inc. Has $23.06 Million Position in Micron Technology, Inc. (NASDAQ:MU)

iA Global Asset Management Inc. lessened its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 21.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 175,329 shares of the semiconductor manufacturer’s stock after selling 49,074 shares during the period. iA Global Asset Management Inc.’s holdings in Micron Technology were worth $23,061,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Clearbridge Investments LLC raised its position in shares of Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after acquiring an additional 20,741 shares during the period. Chapin Davis Inc. bought a new position in shares of Micron Technology during the second quarter worth $4,056,000. Norden Group LLC grew its holdings in shares of Micron Technology by 1,916.7% in the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after buying an additional 47,648 shares during the period. TCW Group Inc. increased its position in shares of Micron Technology by 5.7% in the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after buying an additional 28,649 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its stake in Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after buying an additional 5,958 shares during the period. Institutional investors own 80.84% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $126.14, for a total value of $882,980.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at approximately $90,700,840.86. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred 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 completion of 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 filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $126.14, for a total value of $882,980.00. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $90,700,840.86. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 53,174 shares of company stock valued at $7,710,093. 0.32% of the stock is currently owned by corporate insiders.

Micron Technology Price Performance

Shares of MU stock traded up $0.67 during trading on Friday, hitting $96.24. The company had a trading volume of 18,807,942 shares, compared to its average volume of 21,341,953. The firm has a market capitalization of $106.71 billion, a P/E ratio of -67.77 and a beta of 1.18. Micron Technology, Inc. has a one year low of $63.83 and a one 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’s 50-day moving average price is $114.32 and its 200 day moving average price is $114.17.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the business posted ($1.57) earnings per share. Micron Technology’s revenue was up 81.5% compared to the same quarter last year. Equities analysts expect that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

Analyst Ratings Changes

A number of research firms recently issued reports on MU. Rosenblatt Securities reissued a “buy” rating and set a $225.00 target price on shares of Micron Technology in a research note on Tuesday, June 25th. Robert W. Baird raised their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a report on Monday, June 24th. Needham & Company LLC cut their price objective on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday. Citigroup increased their target price on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Finally, Piper Sandler boosted their price target on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $157.12.

About Micron Technology

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.