Diversified Trust Co Increases Position in Micron Technology, Inc. (NASDAQ:MU)

Diversified Trust Co boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 746.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,207 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,292 shares during the period. Diversified Trust Co’s holdings in Micron Technology were worth $2,132,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Micron Technology in the fourth quarter worth $769,372,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Micron Technology by 22.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the period. California Public Employees Retirement System increased its holdings in shares of Micron Technology by 125.0% in the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after purchasing an additional 2,523,267 shares during the period. Capital International Investors increased its holdings in shares of Micron Technology by 15.1% in the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares during the period. Finally, 1832 Asset Management L.P. increased its holdings in shares of Micron Technology by 301,500.0% in the first quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock worth $213,334,000 after purchasing an additional 1,809,000 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MU. Wolfe Research raised their price objective on Micron Technology from $150.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. Raymond James increased their target price on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Barclays increased their target price on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Bank of America increased their target price on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Finally, Needham & Company LLC increased their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.92.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 67,174 shares of company stock worth $9,528,693. 0.32% of the stock is owned by corporate insiders.

Micron Technology Stock Performance

Shares of Micron Technology stock traded up $1.39 on Wednesday, hitting $98.83. 6,692,026 shares of the company’s stock were exchanged, compared to its average volume of 21,319,988. The company has a 50-day simple moving average of $123.40 and a 200-day simple moving average of $113.14. The stock has a market capitalization of $109.59 billion, a PE ratio of -68.62 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $61.75 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.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results 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. The business had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue was up 81.5% compared to the same quarter last year. During the same quarter last year, the company posted ($1.57) EPS. As a group, equities analysts anticipate that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared 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. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is presently -32.39%.

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.