Fulton Bank N.A. Purchases 783 Shares of Micron Technology, Inc. (NASDAQ:MU)

Posted by MarketBeat News on Mar 19th, 2023

Fulton Bank N.A. grew its position in Micron Technology, Inc. (NASDAQ:MU – Get Rating) by 12.6% during the fourth quarter, HoldingsChannel reports. The firm owned 6,990 shares of the semiconductor manufacturer’s stock after buying an additional 783 shares during the period. Fulton Bank N.A.’s holdings in Micron Technology were worth $349,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MU. Washington Trust Advisors Inc. boosted its stake in Micron Technology by 59.2% during the third quarter. Washington Trust Advisors Inc. now owns 551 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 205 shares in the last quarter. Wagner Wealth Management LLC bought a new position in Micron Technology during the second quarter worth $29,000. Sound Income Strategies LLC boosted its stake in Micron Technology by 207.0% during the third quarter. Sound Income Strategies LLC now owns 706 shares of the semiconductor manufacturer’s stock worth $35,000 after acquiring an additional 476 shares in the last quarter. Financial Management Professionals Inc. boosted its stake in Micron Technology by 44.7% during the third quarter. Financial Management Professionals Inc. now owns 689 shares of the semiconductor manufacturer’s stock worth $35,000 after acquiring an additional 213 shares in the last quarter. Finally, GHP Investment Advisors Inc. bought a new position in Micron Technology during the third quarter worth $40,000. 78.02% of the stock is owned by institutional investors.

Micron Technology Stock Performance

NASDAQ MU opened at $56.66 on Friday. Micron Technology, Inc. has a 52-week low of $48.43 and a 52-week high of $86.24. The company has a 50-day simple moving average of $58.60 and a 200 day simple moving average of $55.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 2.23 and a current ratio of 3.51. The company has a market capitalization of $61.83 billion, a PE ratio of 10.28 and a beta of 1.39.

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

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 19th. Stockholders of record on Tuesday, January 3rd were paid a $0.115 dividend. The ex-dividend date was Friday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.81%. Micron Technology’s payout ratio is 8.35%.

Insider Transactions at Micron Technology

In other news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Thursday, January 26th. The shares were sold at an average price of $62.23, for a total value of $1,244,600.00. Following the completion of the transaction, the executive vice president now owns 248,340 shares in the company, valued at $15,454,198.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Scott J. Deboer sold 20,000 shares of Micron Technology stock in a transaction dated Thursday, January 26th. The shares were sold at an average price of $62.23, for a total value of $1,244,600.00. Following the completion of the transaction, the executive vice president now owns 248,340 shares in the company, valued at $15,454,198.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Robert P. Beard sold 3,000 shares of Micron Technology 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 transaction, the senior vice president now owns 42,840 shares of the company’s stock, valued at approximately $2,623,950. The disclosure for this sale can be found here. Insiders sold 67,000 shares of company stock worth $3,982,190 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on MU shares. Stifel Nicolaus cut their target price on shares of Micron Technology from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, December 22nd. Credit Suisse Group set a $66.00 target price on shares of Micron Technology in a research note on Tuesday, January 3rd. Cowen dropped 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 note on Thursday, December 22nd. StockNews.com initiated coverage on shares of Micron Technology in a research note on Thursday. They issued a “hold” rating on the stock. Finally, UBS Group dropped their price objective on shares of Micron Technology from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, December 22nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty-two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.26.

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.