ProVise Management Group LLC Buys Shares of 1,797 Micron Technology, Inc. (NASDAQ:MU)

ProVise Management Group LLC bought a new stake in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,797 shares of the semiconductor manufacturer’s stock, valued at approximately $236,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MU. Vanguard Group Inc. grew its stake in shares of Micron Technology by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock valued at $11,396,024,000 after buying an additional 1,681,815 shares during the period. Capital World Investors boosted its holdings in Micron Technology by 6.6% in the first quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock valued at $2,681,807,000 after acquiring an additional 1,400,154 shares during the last quarter. Sanders Capital LLC grew its position in Micron Technology by 2.3% during the fourth quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares during the period. Capital International Investors increased its stake in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Micron Technology by 22.2% in the 1st 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. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Up 1.8 %

NASDAQ:MU opened at $90.90 on Friday. 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 company has a market capitalization of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. Micron Technology, Inc. has a one year low of $63.83 and a one year high of $157.54. The stock has a 50-day simple moving average of $99.81 and a 200 day simple moving average of $114.56.

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, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the business earned ($1.57) EPS. The business’s quarterly revenue was up 81.5% on a year-over-year basis. Sell-side analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.51%. Micron Technology’s payout ratio is currently -32.39%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MU. UBS Group decreased their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating for the company in a report on Tuesday. Stifel Nicolaus decreased their target price on Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a report on Thursday. Wolfe Research boosted their target price on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Robert W. Baird upped their price target on shares of Micron Technology from $150.00 to $172.00 and gave the stock an “outperform” rating in a research report on Monday, June 24th. Finally, Piper Sandler raised their price objective on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $145.65.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.32% of the company’s stock.

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.