US Bancorp DE Raises Stock Holdings in Micron Technology, Inc. $MU

US Bancorp DE grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 4.0% during the 2nd quarter, Holdings Channel reports. The fund owned 926,355 shares of the semiconductor manufacturer’s stock after acquiring an additional 35,503 shares during the period. US Bancorp DE’s holdings in Micron Technology were worth $114,173,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MU. Nuveen LLC purchased a new position in Micron Technology during the first quarter worth about $369,191,000. Vanguard Group Inc. increased its stake in Micron Technology by 2.1% during 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. Goldman Sachs Group Inc. increased its stake in Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer’s stock worth $922,467,000 after acquiring an additional 2,038,641 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Micron Technology by 26.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer’s stock worth $590,807,000 after acquiring an additional 1,416,174 shares during the last quarter. Finally, Keystone Investors PTE Ltd. acquired a new stake in Micron Technology during the first quarter worth about $96,253,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MU has been the subject of several research analyst reports. Stifel Nicolaus upped their price target on Micron Technology from $173.00 to $195.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Erste Group Bank started coverage on Micron Technology in a research note on Thursday, August 14th. They issued a “buy” rating for the company. Barclays increased their target price on Micron Technology from $140.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, September 19th. Wells Fargo & Company increased their target price on Micron Technology from $170.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday, September 24th. Finally, KGI Securities upgraded Micron Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Micron Technology has a consensus rating of “Buy” and an average price target of $190.48.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $164.04, for a total value of $2,460,600.00. Following the sale, the executive vice president owned 131,580 shares of the company’s stock, valued at approximately $21,584,383.20. This trade represents a 10.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 21,563 shares of the firm’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $188.47, for a total value of $4,063,978.61. Following the completion of the sale, the chief executive officer directly owned 272,648 shares in the company, valued at approximately $51,385,968.56. This trade represents a 7.33% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 146,956 shares of company stock worth $22,841,025. 0.30% of the stock is currently owned by corporate insiders.

Micron Technology Trading Up 5.8%

Shares of MU opened at $196.54 on Thursday. The company has a market capitalization of $220.61 billion, a P/E ratio of 25.89, a P/E/G ratio of 0.41 and a beta of 1.56. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $201.00. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The stock has a 50-day moving average price of $139.60 and a 200 day moving average price of $112.59.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology’s dividend payout ratio (DPR) is currently 6.06%.

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.