Nuveen LLC Takes $369.19 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Nuveen LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,248,949 shares of the semiconductor manufacturer’s stock, valued at approximately $369,191,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MU. Capital World Investors lifted its stake in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. Capital Research Global Investors lifted its stake in Micron Technology by 139.7% in the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock worth $1,370,280,000 after acquiring an additional 9,489,579 shares during the last quarter. Capital International Investors lifted its stake in Micron Technology by 36.3% in the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock worth $1,383,442,000 after acquiring an additional 4,375,232 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Micron Technology by 198.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer’s stock worth $550,903,000 after acquiring an additional 4,352,225 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Micron Technology by 2.1% in the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer’s stock worth $8,854,644,000 after acquiring an additional 2,049,163 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MU. Raymond James Financial lifted their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research note on Thursday, June 26th. TD Cowen boosted their price objective on shares of Micron Technology from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 26th. Mizuho boosted their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, June 5th. Piper Sandler boosted their price objective on shares of Micron Technology from $120.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Finally, Barclays boosted their price objective on shares of Micron Technology from $95.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average price target of $146.44.

Insider Activity at Micron Technology

In other Micron Technology news, EVP Manish H. Bhatia sold 80,000 shares of the business’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president directly owned 275,067 shares in the company, valued at approximately $33,877,251.72. The trade was a 22.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the business’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer owned 264,036 shares in the company, valued at $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is currently owned by insiders.

Micron Technology Stock Performance

Shares of MU opened at $118.89 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The stock has a market capitalization of $133.05 billion, a P/E ratio of 21.42 and a beta of 1.37. The company’s fifty day moving average is $115.95 and its two-hundred day moving average is $98.07. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the previous year, the company posted $0.62 EPS. On average, sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology’s payout ratio is presently 8.29%.

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.