Sovereign Financial Group Inc. Takes Position in Micron Technology, Inc. (NASDAQ:MU)

Sovereign Financial Group Inc. bought a new stake in Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,587 shares of the semiconductor manufacturer’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MU. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Micron Technology in the 3rd quarter worth about $28,000. OFI Invest Asset Management purchased a new position in Micron Technology in the 3rd quarter worth about $27,000. VisionPoint Advisory Group LLC increased its stake in Micron Technology by 68.3% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock worth $33,000 after buying an additional 198 shares during the period. Cape Investment Advisory Inc. increased its stake in Micron Technology by 51.0% in the 3rd quarter. Cape Investment Advisory Inc. now owns 592 shares of the semiconductor manufacturer’s stock worth $40,000 after buying an additional 200 shares during the period. Finally, Clear Street Markets LLC increased its stake in Micron Technology by 67.5% in the 3rd quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock worth $42,000 after buying an additional 251 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Up 0.1 %

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

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

Micron Technology Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. KeyCorp increased their target price on shares of Micron Technology from $135.00 to $150.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Mizuho raised their price target on shares of Micron Technology from $105.00 to $124.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Wedbush raised their price target on shares of Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target for the company in a research report on Thursday, March 21st. Finally, Barclays raised their price target on shares of Micron Technology from $95.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, March 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $123.60.

Insider Transactions at Micron Technology

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $82.03, for a total value of $574,210.00. Following the completion of the transaction, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $64,685,330.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Scott J. Deboer sold 40,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $110.31, for a total transaction of $4,412,400.00. Following the transaction, the executive vice president now owns 158,617 shares in the company, valued at approximately $17,497,041.27. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $82.03, for a total value of $574,210.00. Following the sale, the chief executive officer now directly owns 788,557 shares of the company’s stock, valued at $64,685,330.71. The disclosure for this sale can be found here. Insiders sold a total of 316,890 shares of company stock worth $35,485,387 over the last three months. 0.32% of the stock is currently owned by insiders.

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.