Provence Wealth Management Group Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Provence Wealth Management Group purchased a new position in Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 2,906 shares of the semiconductor manufacturer’s stock, valued at approximately $248,000.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Micron Technology by 47.9% during the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock worth $1,489,801,000 after purchasing an additional 7,089,790 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock worth $1,182,608,000 after purchasing an additional 5,257,201 shares in the last quarter. Morgan Stanley boosted its stake in Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after buying an additional 2,852,688 shares in the last quarter. California Public Employees Retirement System boosted its stake in Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after buying an additional 2,523,267 shares in the last quarter. Finally, Phoenix Holdings Ltd. boosted its stake in Micron Technology by 8,336.6% in the 3rd quarter. Phoenix Holdings Ltd. now owns 1,732,231 shares of the semiconductor manufacturer’s stock valued at $117,762,000 after buying an additional 1,753,262 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research note on Thursday, March 21st. UBS Group boosted their price target on Micron Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Wedbush boosted their price target on Micron Technology from $103.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, March 21st. Citigroup reissued a “buy” rating and issued a $150.00 price objective on shares of Micron Technology in a research note on Thursday, April 4th. Finally, Piper Sandler boosted their price objective on Micron Technology from $95.00 to $130.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $122.20.

Micron Technology Stock Up 2.1 %

Shares of NASDAQ MU traded up $2.37 during mid-day trading on Friday, reaching $114.70. 15,564,363 shares of the company’s stock were exchanged, compared to its average volume of 21,228,284. The firm has a market capitalization of $126.63 billion, a price-to-earnings ratio of -33.25 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 business has a fifty day simple moving average of $108.95 and a 200 day simple moving average of $89.67. Micron Technology, Inc. has a twelve month low of $59.55 and a twelve month high of $130.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. The business had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.35 billion. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. Micron Technology’s quarterly revenue was up 57.7% on a year-over-year basis. During the same period last year, the company earned ($2.03) earnings per share. As a group, equities analysts expect that Micron Technology, Inc. will post 0.24 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Shareholders of record on Monday, April 1st were paid a $0.115 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.40%. Micron Technology’s dividend payout ratio is -13.33%.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the transaction, the executive vice president now directly owns 158,617 shares in the company, valued at $17,497,041.27. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Scott J. Deboer sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the sale, the executive vice president now directly owns 158,617 shares of the company’s stock, valued at $17,497,041.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $115.55, for a total value of $1,733,250.00. Following the completion of the sale, the senior vice president now directly owns 153,387 shares of the company’s stock, valued at $17,723,867.85. The disclosure for this sale can be found here. Insiders sold a total of 323,890 shares of company stock worth $36,079,267 over the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

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.