Advisors Asset Management Inc. Has $280,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Advisors Asset Management Inc. lowered its stake in shares of Micron Technology, Inc. (NASDAQ:MUGet Rating) by 41.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,072 shares of the semiconductor manufacturer’s stock after selling 3,664 shares during the period. Advisors Asset Management Inc.’s holdings in Micron Technology were worth $280,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MU. Vanguard Group Inc. raised its holdings in shares of Micron Technology by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 90,507,938 shares of the semiconductor manufacturer’s stock valued at $7,049,663,000 after purchasing an additional 1,037,418 shares in the last quarter. Sanders Capital LLC raised its holdings in shares of Micron Technology by 1.6% during the 1st quarter. Sanders Capital LLC now owns 41,921,490 shares of the semiconductor manufacturer’s stock valued at $3,551,295,000 after purchasing an additional 646,950 shares in the last quarter. Capital World Investors raised its holdings in shares of Micron Technology by 28.8% during the 1st quarter. Capital World Investors now owns 35,314,215 shares of the semiconductor manufacturer’s stock valued at $2,750,624,000 after purchasing an additional 7,894,757 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Micron Technology by 28.6% during the 1st quarter. Capital Research Global Investors now owns 33,193,160 shares of the semiconductor manufacturer’s stock valued at $2,585,436,000 after purchasing an additional 7,380,205 shares in the last quarter. Finally, Capital International Investors raised its holdings in shares of Micron Technology by 6.0% during the 1st quarter. Capital International Investors now owns 23,268,745 shares of the semiconductor manufacturer’s stock valued at $1,812,421,000 after purchasing an additional 1,315,782 shares in the last quarter. Institutional investors and hedge funds own 79.66% of the company’s stock.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent research reports. Bank of America cut their price target on shares of Micron Technology from $62.00 to $58.00 and set a “neutral” rating on the stock in a report on Friday, September 30th. Credit Suisse Group began coverage on shares of Micron Technology in a report on Tuesday, November 15th. They issued an “outperform” rating and a $78.00 target price on the stock. Morgan Stanley dropped their target price on shares of Micron Technology from $56.00 to $49.00 and set an “underweight” rating on the stock in a report on Friday, September 30th. Exane BNP Paribas began coverage on shares of Micron Technology in a report on Tuesday, September 13th. They issued an “outperform” rating and a $75.00 target price on the stock. Finally, Piper Sandler dropped their target price on shares of Micron Technology from $50.00 to $45.00 and set an “underweight” rating on the stock in a report on Friday, September 30th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $69.97.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $58.58 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.01 and a current ratio of 2.89. The firm’s 50-day simple moving average is $54.31 and its 200-day simple moving average is $59.54. Micron Technology, Inc. has a twelve month low of $48.45 and a twelve month high of $98.45. The firm has a market cap of $63.69 billion, a P/E ratio of 7.58 and a beta of 1.27.

Micron Technology (NASDAQ:MUGet Rating) last released its quarterly earnings results on Thursday, September 29th. The semiconductor manufacturer reported $1.45 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.04. The firm had revenue of $6.64 billion for the quarter, compared to analyst estimates of $6.78 billion. Micron Technology had a net margin of 28.24% and a return on equity of 18.75%. The company’s revenue for the quarter was down 19.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.37 earnings per share. As a group, research analysts expect that Micron Technology, Inc. will post -0.36 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 26th. Shareholders of record on Tuesday, October 11th were given a $0.115 dividend. The ex-dividend date of this dividend was Friday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.79%. Micron Technology’s dividend payout ratio (DPR) is presently 5.95%.

About Micron Technology

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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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

Further Reading

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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