Manhattan West Asset Management LLC Purchases Shares of 2,006 Micron Technology, Inc. (NASDAQ:MU)

Manhattan West Asset Management LLC acquired a new position in shares of Micron Technology, Inc. (NASDAQ:MU) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 2,006 shares of the semiconductor manufacturer’s stock, valued at approximately $236,000.

Several other large investors have also modified their holdings of the stock. Revolve Wealth Partners LLC increased its position in Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock worth $776,000 after buying an additional 98 shares during the period. Retirement Group LLC raised its position in Micron Technology by 37.3% in the 1st quarter. Retirement Group LLC now owns 368 shares of the semiconductor manufacturer’s stock valued at $43,000 after purchasing an additional 100 shares during the last quarter. AIA Group Ltd boosted its stake in Micron Technology by 2.1% during the 1st quarter. AIA Group Ltd now owns 4,821 shares of the semiconductor manufacturer’s stock worth $568,000 after purchasing an additional 101 shares during the period. Manchester Capital Management LLC grew its position in Micron Technology by 5.2% during the 1st quarter. Manchester Capital Management LLC now owns 2,119 shares of the semiconductor manufacturer’s stock worth $250,000 after purchasing an additional 104 shares during the last quarter. Finally, Premier Path Wealth Partners LLC increased its stake in Micron Technology by 3.1% in the first quarter. Premier Path Wealth Partners LLC now owns 4,183 shares of the semiconductor manufacturer’s stock valued at $493,000 after purchasing an additional 124 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Activity

In related news, EVP Sumit Sadana sold 13,239 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the sale, the executive vice president now owns 260,857 shares in the company, valued at $30,981,985.89. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Sumit Sadana sold 13,239 shares of the company’s 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 directly owns 260,857 shares in the company, valued at $30,981,985.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $114.87, for a total value of $804,090.00. Following the transaction, the chief executive officer now owns 719,049 shares in the company, valued at $82,597,158.63. The disclosure for this sale can be found here. Insiders have sold 236,730 shares of company stock worth $29,435,039 over the last ninety days. 0.32% of the stock is currently owned by insiders.

Micron Technology Price Performance

NASDAQ MU traded up $1.96 during trading hours on Friday, reaching $109.41. The company’s stock had a trading volume of 18,547,885 shares, compared to its average volume of 22,686,388. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a market cap of $121.32 billion, a PE ratio of -77.05 and a beta of 1.18. The company’s 50-day moving average is $131.01 and its two-hundred day moving average is $112.25. Micron Technology, Inc. has a fifty-two week low of $61.75 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the prior year, the business earned ($1.57) earnings per share. Analysts forecast that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.42%. Micron Technology’s dividend payout ratio is presently -32.39%.

Analyst Ratings Changes

A number of research firms recently issued reports on MU. Needham & Company LLC raised their price target on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Piper Sandler lifted their target price on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Morgan Stanley upped their price target on Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Monday, June 24th. Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of Micron Technology in a research report on Thursday, June 27th. Finally, Raymond James upped their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Two analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $158.72.

Micron Technology Company 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.