River & Mercantile Asset Management LLP Has $1.44 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Posted by Defense World Staff on Mar 16th, 2023

River & Mercantile Asset Management LLP grew its position in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 71.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,742 shares of the semiconductor manufacturer’s stock after buying an additional 11,990 shares during the quarter. River & Mercantile Asset Management LLP’s holdings in Micron Technology were worth $1,440,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MU. Renaissance Technologies LLC acquired a new stake in shares of Micron Technology during the third quarter worth approximately $374,114,000. Fairfax Financial Holdings Ltd. Can boosted its holdings in shares of Micron Technology by 399.3% during the third quarter. Fairfax Financial Holdings Ltd. Can now owns 3,462,049 shares of the semiconductor manufacturer’s stock worth $173,483,000 after purchasing an additional 2,768,649 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Micron Technology by 3,953.3% during the third quarter. Pacer Advisors Inc. now owns 2,665,173 shares of the semiconductor manufacturer’s stock worth $133,525,000 after purchasing an additional 2,599,420 shares during the period. FIFTHDELTA Ltd boosted its holdings in shares of Micron Technology by 288.7% during the second quarter. FIFTHDELTA Ltd now owns 3,377,400 shares of the semiconductor manufacturer’s stock worth $186,703,000 after purchasing an additional 2,508,600 shares during the period. Finally, Two Sigma Investments LP acquired a new stake in shares of Micron Technology during the third quarter worth approximately $111,372,000. 78.02% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Performance

Micron Technology stock opened at $54.13 on Thursday. The stock has a 50-day simple moving average of $58.57 and a 200 day simple moving average of $55.78. The company has a quick ratio of 2.23, a current ratio of 3.51 and a debt-to-equity ratio of 0.20. Micron Technology, Inc. has a 12-month low of $48.43 and a 12-month high of $86.24. The stock has a market capitalization of $59.07 billion, a price-to-earnings ratio of 9.82 and a beta of 1.39.

Micron Technology (NASDAQ:MU – Get Rating) last announced its quarterly earnings data on Wednesday, December 21st. The semiconductor manufacturer reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.14 billion. Micron Technology had a return on equity of 13.26% and a net margin of 22.78%. The business’s revenue for the quarter was down 46.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.07 earnings per share. On average, research analysts anticipate that Micron Technology, Inc. will post -2.71 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 19th. Shareholders of record on Tuesday, January 3rd were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Friday, December 30th. This represents a $0.46 annualized dividend and a yield of 0.85%. Micron Technology’s dividend payout ratio is currently 8.35%.

Wall Street Analyst Weigh In

Several analysts recently commented on MU shares. Stifel Nicolaus decreased their price target on shares of Micron Technology from $54.00 to $52.00 and set a “hold” rating for the company in a report on Thursday, December 22nd. Raymond James assumed coverage on shares of Micron Technology in a research report on Wednesday, March 1st. They set an “outperform” rating and a $70.00 price objective on the stock. Cowen cut their price objective on shares of Micron Technology from $70.00 to $66.00 and set an “outperform” rating on the stock in a research report on Thursday, December 22nd. Argus lowered shares of Micron Technology from a “buy” rating to a “hold” rating in a research report on Friday, December 30th. Finally, Wells Fargo & Company cut their price objective on shares of Micron Technology from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $67.25.

Insiders Place Their Bets

In other Micron Technology news, SVP Robert P. Beard sold 3,000 shares of the business’s stock in a transaction dated Monday, January 23rd. The stock was sold at an average price of $61.25, for a total transaction of $183,750.00. Following the completion of the sale, the senior vice president now directly owns 42,840 shares of the company’s stock, valued at approximately $2,623,950. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $62.23, for a total value of $1,244,600.00. Following the completion of the sale, the executive vice president now directly owns 248,340 shares of the company’s stock, valued at approximately $15,454,198.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Robert P. Beard sold 3,000 shares of the company’s stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $61.25, for a total value of $183,750.00. Following the completion of the sale, the senior vice president now directly owns 42,840 shares of the company’s stock, valued at $2,623,950. The disclosure for this sale can be found here. In the last three months, insiders sold 67,000 shares of company stock valued at $3,982,190. 0.32% of the stock is currently owned by insiders.

About Micron Technology

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Micron Technology, Inc engages in the provision of innovative memory and storage solutions. It operates through the following segments: Compute & Networking Business Unit (CNBU), Mobile Business Unit (MBU), Storage Business Unit (SBU), and Embedded Business Unit (EBU). The CNBU segment includes memory products sold into cloud server, enterprise, client, graphics, and networking markets.