Allspring Global Investments Holdings LLC Decreases Holdings in Micron Technology, Inc. (NASDAQ:MU)

Posted by on Oct 4th, 2023

Allspring Global Investments Holdings LLC lessened its stake in shares of Micron Technology, Inc. (NASDAQ:MU – Free Report) by 40.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 234,157 shares of the semiconductor manufacturer’s stock after selling 160,454 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Micron Technology were worth $14,778,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in MU. ASB Consultores LLC grew its stake in shares of Micron Technology by 2.0% during the 4th quarter. ASB Consultores LLC now owns 8,620 shares of the semiconductor manufacturer’s stock valued at $431,000 after purchasing an additional 167 shares during the period. Studio Investment Management LLC lifted its position in shares of Micron Technology by 0.8% during the 4th quarter. Studio Investment Management LLC now owns 21,367 shares of the semiconductor manufacturer’s stock valued at $1,068,000 after buying an additional 167 shares in the last quarter. Schear Investment Advisers LLC lifted its position in shares of Micron Technology by 2.4% during the 2nd quarter. Schear Investment Advisers LLC now owns 7,022 shares of the semiconductor manufacturer’s stock valued at $443,000 after buying an additional 167 shares in the last quarter. Stonebridge Capital Advisors LLC lifted its position in shares of Micron Technology by 6.6% during the 1st quarter. Stonebridge Capital Advisors LLC now owns 2,695 shares of the semiconductor manufacturer’s stock valued at $210,000 after buying an additional 168 shares in the last quarter. Finally, SRS Capital Advisors Inc. lifted its position in shares of Micron Technology by 3.1% during the 4th quarter. SRS Capital Advisors Inc. now owns 6,204 shares of the semiconductor manufacturer’s stock valued at $310,000 after buying an additional 189 shares in the last quarter. Hedge funds and other institutional investors own 79.25% of the company’s stock.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $71.15, for a total transaction of $498,050.00. Following the transaction, the chief executive officer now owns 582,862 shares in the company, valued at $41,470,631.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $71.15, for a total transaction of $498,050.00. Following the completion of the sale, the chief executive officer now owns 582,862 shares of the company’s stock, valued at $41,470,631.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Scott R. Allen sold 13,687 shares of the firm’s stock in a transaction on Monday, July 10th. The stock was sold at an average price of $60.80, for a total value of $832,169.60. Following the sale, the chief accounting officer now directly owns 32,094 shares of the company’s stock, valued at approximately $1,951,315.20. The disclosure for this sale can be found here. Insiders have sold a total of 240,810 shares of company stock worth $16,548,800 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised Micron Technology from a “hold” rating to a “buy” rating and boosted their price target for the stock from $65.00 to $85.00 in a report on Monday, September 18th. Stifel Nicolaus upped their price objective on Micron Technology from $55.00 to $65.00 in a report on Monday, June 26th. Citigroup reaffirmed a “buy” rating and set a $85.00 price objective on shares of Micron Technology in a report on Thursday, September 28th. Wolfe Research initiated coverage on Micron Technology in a report on Wednesday, July 19th. They set an “outperform” rating and a $80.00 price objective on the stock. Finally, Evercore ISI upped their price objective on Micron Technology from $80.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $77.43.

Read Our Latest Stock Report on Micron Technology

Micron Technology Stock Down 0.2 %

Shares of MU opened at $67.83 on Wednesday. The company has a current ratio of 4.46, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 12 month low of $48.43 and a 12 month high of $74.77. The stock’s 50 day moving average is $68.07 and its two-hundred day moving average is $65.34. The firm has a market cap of $74.29 billion, a P/E ratio of -12.70 and a beta of 1.34.

Micron Technology (NASDAQ:MU – Get Free Report) last issued its quarterly earnings data on Wednesday, September 27th. The semiconductor manufacturer reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.08. Micron Technology had a negative return on equity of 11.65% and a negative net margin of 37.53%. The company had revenue of $4.01 billion for the quarter, compared to analyst estimates of $3.95 billion. During the same period last year, the company earned $1.36 earnings per share. Micron Technology’s quarterly revenue was down 39.6% compared to the same quarter last year. Analysts predict that Micron Technology, Inc. will post -1.93 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Stockholders of record on Tuesday, October 10th will be given a $0.115 dividend. The ex-dividend date is Friday, October 6th. This represents a $0.46 annualized dividend and a dividend yield of 0.68%. Micron Technology’s dividend payout ratio (DPR) is presently -8.61%.

About Micron Technology

(Free Report)

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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.

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Institutional Ownership by Quarter for Micron Technology (NASDAQ:MU)

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