Lord Abbett & CO. LLC Increases Position in Micron Technology, Inc. (NASDAQ:MU)

Lord Abbett & CO. LLC raised its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 18.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 396,291 shares of the semiconductor manufacturer’s stock after buying an additional 60,759 shares during the period. Lord Abbett & CO. LLC’s holdings in Micron Technology were worth $28,130,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Old North State Trust LLC boosted its stake in shares of Micron Technology by 91.1% in the third quarter. Old North State Trust LLC now owns 472 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 225 shares during the period. Capital Analysts LLC increased its stake in Micron Technology by 38.6% during the 3rd quarter. Capital Analysts LLC now owns 575 shares of the semiconductor manufacturer’s stock worth $41,000 after buying an additional 160 shares during the period. JFS Wealth Advisors LLC lifted its holdings in Micron Technology by 2,145.2% during the 3rd quarter. JFS Wealth Advisors LLC now owns 696 shares of the semiconductor manufacturer’s stock worth $49,000 after buying an additional 665 shares in the last quarter. JJJ Advisors Inc. boosted its position in Micron Technology by 173.8% in the 3rd quarter. JJJ Advisors Inc. now owns 783 shares of the semiconductor manufacturer’s stock valued at $56,000 after buying an additional 497 shares during the period. Finally, CENTRAL TRUST Co boosted its position in Micron Technology by 42.0% in the 3rd quarter. CENTRAL TRUST Co now owns 845 shares of the semiconductor manufacturer’s stock valued at $60,000 after buying an additional 250 shares during the period. 77.38% of the stock is owned by institutional investors and hedge funds.

In other Micron Technology news, EVP Scott J. Deboer sold 15,000 shares of Micron Technology stock in a transaction that occurred on Wednesday, December 22nd. The stock was sold at an average price of $90.00, for a total value of $1,350,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP April S. Arnzen sold 8,300 shares of the stock in a transaction that occurred on Monday, December 20th. The stock was sold at an average price of $82.09, for a total value of $681,347.00. The disclosure for this sale can be found here. Insiders sold a total of 140,407 shares of company stock worth $13,232,161 over the last quarter. Company insiders own 0.32% of the company’s stock.

MU stock opened at $97.36 on Friday. The company has a market cap of $109.02 billion, a price-to-earnings ratio of 15.02, a price-to-earnings-growth ratio of 0.46 and a beta of 1.15. The company has a fifty day moving average price of $86.57 and a 200 day moving average price of $78.18. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.10 and a quick ratio of 2.36. Micron Technology, Inc. has a 12 month low of $65.67 and a 12 month high of $98.45.

Micron Technology (NASDAQ:MU) last announced its earnings results on Monday, December 20th. The semiconductor manufacturer reported $2.16 EPS for the quarter, beating analysts’ consensus estimates of $2.11 by $0.05. Micron Technology had a net margin of 24.86% and a return on equity of 19.01%. The business had revenue of $7.69 billion during the quarter, compared to analysts’ expectations of $7.68 billion. During the same period in the prior year, the company earned $0.71 earnings per share. The business’s revenue was up 33.2% compared to the same quarter last year. As a group, analysts anticipate that Micron Technology, Inc. will post 8.62 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 18th. Shareholders of record on Monday, January 3rd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, December 31st. This represents a $0.40 dividend on an annualized basis and a yield of 0.41%. Micron Technology’s payout ratio is 6.17%.

A number of research analysts recently issued reports on MU shares. Bank of America lifted their target price on Micron Technology from $100.00 to $118.00 and gave the company a “buy” rating in a report on Monday, January 10th. Piper Sandler decreased their price objective on Micron Technology from $90.00 to $70.00 and set a “neutral” rating for the company in a research note on Wednesday, September 29th. Evercore ISI upped their target price on shares of Micron Technology from $100.00 to $120.00 and gave the stock an “outperform” rating in a research note on Monday, December 13th. Wedbush reduced their target price on shares of Micron Technology from $105.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, September 29th. Finally, Susquehanna lowered their price target on shares of Micron Technology from $135.00 to $125.00 and set a “positive” rating for the company in a report on Wednesday, September 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Micron Technology presently has an average rating of “Buy” and a consensus target price of $111.93.

Micron Technology Company Profile

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.

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

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