Empower Advisory Group LLC Takes $332,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Empower Advisory Group LLC bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,566 shares of the semiconductor manufacturer’s stock, valued at approximately $332,000.

A number of other hedge funds have also recently modified their holdings of MU. Old North State Trust LLC boosted its stake in Micron Technology by 201.5% in the 1st quarter. Old North State Trust LLC now owns 3,983 shares of the semiconductor manufacturer’s stock worth $73,000 after purchasing an additional 2,662 shares in the last quarter. 3Chopt Investment Partners LLC bought a new position in Micron Technology in the 1st quarter worth about $262,000. Putnam Investments LLC bought a new position in Micron Technology in the 1st quarter worth about $237,000. Arete Wealth Advisors LLC bought a new position in Micron Technology in the 1st quarter worth about $1,480,000. Finally, AMI Investment Management Inc. boosted its stake in Micron Technology by 3.6% in the 1st quarter. AMI Investment Management Inc. now owns 45,747 shares of the semiconductor manufacturer’s stock worth $2,760,000 after purchasing an additional 1,588 shares in the last quarter. Institutional investors own 79.25% of the company’s stock.

Micron Technology Price Performance

Shares of MU stock opened at $69.88 on Friday. Micron Technology, Inc. has a fifty-two week low of $48.43 and a fifty-two week high of $74.77. The firm has a market capitalization of $76.54 billion, a price-to-earnings ratio of -26.07 and a beta of 1.36. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.64 and a current ratio of 4.26. The stock’s 50-day simple moving average is $67.14 and its 200-day simple moving average is $64.22.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 28th. The semiconductor manufacturer reported ($1.43) EPS for the quarter, beating analysts’ consensus estimates of ($1.61) by $0.18. The firm had revenue of $3.75 billion for the quarter, compared to analyst estimates of $3.65 billion. Micron Technology had a negative return on equity of 5.40% and a negative net margin of 16.02%. Micron Technology’s revenue for the quarter was down 56.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.50 earnings per share. As a group, equities analysts forecast that Micron Technology, Inc. will post -5.07 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, July 25th. Investors of record on Monday, July 10th were given a $0.115 dividend. The ex-dividend date was Friday, July 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.66%. Micron Technology’s dividend payout ratio is currently -17.16%.

Analyst Upgrades and Downgrades

MU has been the topic of a number of analyst reports. VNET Group reiterated a “maintains” rating on shares of Micron Technology in a research note on Thursday, June 29th. Wedbush boosted their target price on Micron Technology from $65.00 to $80.00 in a research report on Monday, June 26th. Piper Sandler raised Micron Technology from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $45.00 to $70.00 in a research report on Thursday, June 29th. Deutsche Bank Aktiengesellschaft boosted their target price on Micron Technology from $55.00 to $65.00 in a research report on Monday, June 12th. Finally, Raymond James boosted their target price on Micron Technology from $70.00 to $76.00 in a research report on Thursday, June 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.86.

Insider Activity at Micron Technology

In related news, CAO Scott R. Allen sold 13,687 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $60.80, for a total value of $832,169.60. Following the sale, the chief accounting officer now owns 32,094 shares in the company, valued at $1,951,315.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Micron Technology news, CAO Scott R. Allen sold 13,687 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $60.80, for a total value of $832,169.60. Following the sale, the chief accounting officer now owns 32,094 shares in the company, valued at approximately $1,951,315.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $71.15, for a total value of $498,050.00. Following the completion of the sale, the chief executive officer now owns 582,862 shares in the company, valued at approximately $41,470,631.30. The disclosure for this sale can be found here. Insiders have sold a total of 226,810 shares of company stock worth $15,577,970 over the last quarter. Insiders own 0.33% 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 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.