Deepwater Asset Management LLC Acquires Shares of 14,342 Micron Technology, Inc. (NASDAQ:MU)

Deepwater Asset Management LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 14,342 shares of the semiconductor manufacturer’s stock, valued at approximately $1,691,000. Micron Technology makes up approximately 0.6% of Deepwater Asset Management LLC’s portfolio, making the stock its 19th biggest holding.

Several other hedge funds also recently modified their holdings of the business. Tidemark LLC bought a new position in Micron Technology in the fourth quarter valued at approximately $25,000. Pingora Partners LLC bought a new position in Micron Technology in the fourth quarter valued at approximately $26,000. Riverview Trust Co bought a new position in Micron Technology in the first quarter valued at approximately $39,000. Frank Rimerman Advisors LLC bought a new position in Micron Technology in the fourth quarter valued at approximately $29,000. Finally, VisionPoint Advisory Group LLC lifted its stake in Micron Technology by 68.3% in the third quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 198 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Insider Buying and Selling

In related news, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the transaction, the executive vice president now directly owns 158,617 shares in the company, valued at approximately $17,497,041.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Scott J. Deboer sold 40,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the transaction, the executive vice president now directly owns 158,617 shares in the company, valued at approximately $17,497,041.27. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Sumit Sadana sold 13,239 shares of the stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $118.77, for a total value of $1,572,396.03. Following the completion of the transaction, the executive vice president now owns 260,857 shares in the company, valued at $30,981,985.89. The disclosure for this sale can be found here. Insiders have sold a total of 302,730 shares of company stock worth $37,771,649 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MU shares. Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of Micron Technology in a report on Thursday, June 27th. Citigroup lifted their price objective on shares of Micron Technology from $150.00 to $175.00 and gave the company a “buy” rating in a report on Monday, June 24th. Robert W. Baird lifted their price objective on shares of Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday, June 24th. Morgan Stanley lifted their price objective on shares of Micron Technology from $130.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, June 24th. Finally, KeyCorp lifted their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $158.52.

Micron Technology Trading Up 0.2 %

Shares of Micron Technology stock traded up $0.28 on Tuesday, hitting $131.80. The stock had a trading volume of 13,622,184 shares, compared to its average volume of 20,714,910. The firm has a market capitalization of $146.15 billion, a P/E ratio of -91.73 and a beta of 1.18. The stock has a 50 day moving average of $128.07 and a 200 day moving average of $106.46. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology, Inc. has a twelve month low of $60.50 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.57) EPS. Sell-side analysts expect that Micron Technology, Inc. will post 0.39 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

About Micron Technology

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.