First Trust Direct Indexing L.P. Grows Position in Micron Technology, Inc. (NASDAQ:MU)

First Trust Direct Indexing L.P. boosted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 7.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,024 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,339 shares during the period. First Trust Direct Indexing L.P.’s holdings in Micron Technology were worth $3,425,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Micron Technology during the first quarter worth $273,000. Allspring Global Investments Holdings LLC increased its position in shares of Micron Technology by 88.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 482,031 shares of the semiconductor manufacturer’s stock worth $56,827,000 after acquiring an additional 226,191 shares during the period. Valley National Advisers Inc. raised its stake in shares of Micron Technology by 65.1% during the first quarter. Valley National Advisers Inc. now owns 720 shares of the semiconductor manufacturer’s stock valued at $84,000 after acquiring an additional 284 shares in the last quarter. Norden Group LLC boosted its holdings in shares of Micron Technology by 1,916.7% in the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after purchasing an additional 47,648 shares during the period. Finally, Abundance Wealth Counselors bought a new position in Micron Technology in the first quarter worth approximately $236,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

MU traded down $3.00 during trading on Wednesday, reaching $105.18. 4,155,677 shares of the company’s stock were exchanged, compared to its average volume of 21,916,961. The company’s fifty day simple moving average is $99.18 and its 200-day simple moving average is $113.58. The stock has a market capitalization of $116.63 billion, a P/E ratio of -74.33 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68. Micron Technology, Inc. has a 1 year low of $65.26 and a 1 year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. The company had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm’s quarterly revenue was up 93.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.21) earnings per share. As a group, research analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.44%. Micron Technology’s dividend payout ratio is presently -32.39%.

Wall Street Analysts Forecast Growth

MU has been the subject of a number of research analyst reports. Wedbush reaffirmed an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research report on Thursday, September 26th. TD Cowen upped their price objective on shares of Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Stifel Nicolaus dropped their target price on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. Citigroup reduced their price target on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. Finally, Morgan Stanley increased their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.32% of the company’s stock.

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.