Parsons Capital Management Inc. RI Purchases 814 Shares of Micron Technology, Inc. (NASDAQ:MU)

Parsons Capital Management Inc. RI boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 33.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,218 shares of the semiconductor manufacturer’s stock after purchasing an additional 814 shares during the period. Parsons Capital Management Inc. RI’s holdings in Micron Technology were worth $379,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Drive Wealth Management LLC grew its position in Micron Technology by 6.0% in the 1st quarter. Drive Wealth Management LLC now owns 4,534 shares of the semiconductor manufacturer’s stock worth $535,000 after purchasing an additional 258 shares in the last quarter. Raymond James & Associates grew its position in shares of Micron Technology by 41.0% during the 1st quarter. Raymond James & Associates now owns 1,628,113 shares of the semiconductor manufacturer’s stock valued at $191,938,000 after acquiring an additional 473,450 shares during the period. Aurora Private Wealth Inc. bought a new position in shares of Micron Technology during the 1st quarter valued at approximately $252,000. Maryland State Retirement & Pension System grew its position in shares of Micron Technology by 0.9% during the 1st quarter. Maryland State Retirement & Pension System now owns 85,810 shares of the semiconductor manufacturer’s stock valued at $10,016,000 after acquiring an additional 727 shares during the period. Finally, Spinnaker Investment Group LLC bought a new position in shares of Micron Technology during the 1st quarter valued at approximately $228,000. 80.84% of the stock is owned by institutional investors.

Insider Activity at Micron Technology

In related news, CEO Sanjay Mehrotra sold 45,000 shares of the stock in a transaction on Thursday, April 4th. The shares were sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the transaction, the chief executive officer now owns 728,557 shares of the company’s stock, valued at approximately $94,712,410. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total value of $583,377.00. Following the sale, the executive vice president now owns 148,817 shares of the company’s stock, valued at approximately $17,753,868.10. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 45,000 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $130.00, for a total transaction of $5,850,000.00. Following the completion of the sale, the chief executive officer now directly owns 728,557 shares in the company, valued at approximately $94,712,410. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 268,890 shares of company stock valued at $29,738,667. Insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $3.26 on Friday, hitting $114.84. 20,612,299 shares of the company traded hands, compared to its average volume of 24,401,036. The firm’s 50-day simple moving average is $105.94 and its 200 day simple moving average is $88.43. 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 company has a market cap of $127.17 billion, a P/E ratio of -33.29 and a beta of 1.27. Micron Technology, Inc. has a 12-month low of $59.55 and a 12-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 for the quarter, beating the consensus estimate of ($0.27) by $0.69. The firm had revenue of $5.82 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The business’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter last year, the company posted ($2.03) EPS. Analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Thursday, March 28th. Micron Technology’s dividend payout ratio is currently -13.33%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MU. Citigroup reissued a “buy” rating and set a $150.00 target price on shares of Micron Technology in a research report on Thursday, April 4th. Wells Fargo & Company increased their target price on shares of Micron Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Barclays upped their price target on shares of Micron Technology from $95.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, March 18th. Morgan Stanley upped their price target on shares of Micron Technology from $78.00 to $98.00 and gave the company an “underweight” rating in a research note on Thursday, March 21st. Finally, Raymond James upped their price target on shares of Micron Technology from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $122.20.

Micron Technology 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.