Massachusetts Financial Services Co. MA Acquires 578,132 Shares of Micron Technology, Inc. (NASDAQ:MU)

Massachusetts Financial Services Co. MA lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 144.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 978,193 shares of the semiconductor manufacturer’s stock after acquiring an additional 578,132 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.09% of Micron Technology worth $128,662,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Tidemark LLC bought a new stake in Micron Technology during the 4th quarter worth approximately $25,000. DecisionPoint Financial LLC bought a new position in shares of Micron Technology in the first quarter worth $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology in the fourth quarter worth $26,000. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the second quarter valued at $28,000. Finally, Frank Rimerman Advisors LLC purchased a new position in Micron Technology during the fourth quarter worth about $29,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MU shares. Susquehanna dropped their price target on Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a research report on Thursday, August 22nd. Wolfe Research boosted their price target on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Citigroup lowered their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research report on Tuesday. Piper Sandler upped their target price on shares of Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Morgan Stanley lowered their price target on Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $148.54.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’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 sale, the executive vice president now 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 through the SEC website. Company insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

NASDAQ:MU opened at $87.35 on Thursday. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a twelve month low of $63.83 and a twelve month high of $157.54. The stock has a market cap of $96.86 billion, a P/E ratio of -61.51 and a beta of 1.17. The firm’s fifty day simple moving average is $101.48 and its 200 day simple moving average is $114.77.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating 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 company had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the previous year, the company earned ($1.57) earnings per share. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. As a group, research analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s payout ratio is -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.