Sovereign Financial Group Inc. Purchases Shares of 2,587 Micron Technology, Inc. (NASDAQ:MU)

Sovereign Financial Group Inc. purchased a new stake in Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,587 shares of the semiconductor manufacturer’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Northern Trust Corp boosted its holdings in shares of Micron Technology by 0.7% during the 3rd quarter. Northern Trust Corp now owns 10,833,670 shares of the semiconductor manufacturer’s stock worth $737,015,000 after purchasing an additional 80,345 shares during the last quarter. L2 Asset Management LLC lifted its holdings in Micron Technology by 492.3% in the third quarter. L2 Asset Management LLC now owns 26,444 shares of the semiconductor manufacturer’s stock valued at $1,799,000 after acquiring an additional 21,979 shares during the last quarter. Invesco Ltd. lifted its holdings in Micron Technology by 11.8% in the third quarter. Invesco Ltd. now owns 8,807,926 shares of the semiconductor manufacturer’s stock valued at $599,203,000 after acquiring an additional 927,302 shares during the last quarter. Merlin Capital Inc acquired a new position in Micron Technology in the third quarter valued at approximately $407,000. Finally, Amitell Capital Pte Ltd lifted its holdings in Micron Technology by 97.9% in the third quarter. Amitell Capital Pte Ltd now owns 95,210 shares of the semiconductor manufacturer’s stock valued at $6,477,000 after acquiring an additional 47,105 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

Shares of NASDAQ:MU traded up $0.11 during trading hours on Wednesday, hitting $119.32. The stock had a trading volume of 10,848,863 shares, compared to its average volume of 20,094,361. The stock’s fifty day simple moving average is $110.11 and its 200 day simple moving average is $90.70. Micron Technology, Inc. has a 1-year low of $59.55 and a 1-year high of $130.54. The firm has a market capitalization of $131.73 billion, a price-to-earnings ratio of -34.43 and a beta of 1.27. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s revenue was up 57.7% on a year-over-year basis. During the same period last year, the firm posted ($2.03) earnings per share. Sell-side analysts anticipate that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio is -13.33%.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of recent analyst reports. UBS Group upped their price objective on Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $140.00 price objective on shares of Micron Technology in a report on Monday, March 18th. Piper Sandler upped their price objective on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. Citigroup reissued a “buy” rating and issued a $150.00 target price on shares of Micron Technology in a report on Thursday, April 4th. Finally, Bank of America increased their target price on Micron Technology from $120.00 to $144.00 and gave the company a “buy” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.60.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the sale, the executive vice president now directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $114.87, for a total value of $804,090.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at $82,597,158.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of Micron Technology stock in a transaction dated 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 transaction, the executive vice president now owns 158,617 shares in the company, valued at $17,497,041.27. The disclosure for this sale can be found here. Insiders have sold 316,890 shares of company stock valued at $35,485,387 in the last 90 days. 0.32% of the stock is currently owned by insiders.

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.