Chapin Davis Inc. Purchases Shares of 30,836 Micron Technology, Inc. (NASDAQ:MU)

Chapin Davis Inc. acquired a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 30,836 shares of the semiconductor manufacturer’s stock, valued at approximately $4,056,000. Micron Technology makes up 1.4% of Chapin Davis Inc.’s investment portfolio, making the stock its 14th largest holding.

Several other large investors also recently made changes to their positions in MU. Vanguard Group Inc. increased its position in Micron Technology by 1.8% during the first quarter. Vanguard Group Inc. now owns 96,666,590 shares of the semiconductor manufacturer’s stock worth $11,396,024,000 after buying an additional 1,681,815 shares during the last quarter. Capital World Investors increased its holdings in shares of Micron Technology by 6.6% during the 1st quarter. Capital World Investors now owns 22,748,381 shares of the semiconductor manufacturer’s stock worth $2,681,807,000 after acquiring an additional 1,400,154 shares during the last quarter. Sanders Capital LLC raised its stake in Micron Technology by 2.3% in the 4th quarter. Sanders Capital LLC now owns 22,583,348 shares of the semiconductor manufacturer’s stock valued at $1,927,263,000 after acquiring an additional 503,923 shares during the period. Capital International Investors lifted its holdings in Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock valued at $2,157,800,000 after purchasing an additional 2,397,885 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Activity

In related news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $132.14, for a total transaction of $924,980.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at $95,015,134.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $132.14, for a total value of $924,980.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares in the company, valued at approximately $95,015,134.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. Insiders sold 67,174 shares of company stock worth $9,528,693 over the last three months. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MU shares. Morgan Stanley boosted their price objective on Micron Technology from $130.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, June 24th. Susquehanna upped their price objective on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a report on Monday, June 17th. TD Cowen increased their price objective on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Wells Fargo & Company boosted their target price on shares of Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. Finally, Needham & Company LLC raised their price target on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $157.92.

Micron Technology Trading Up 1.0 %

Shares of NASDAQ MU traded up $1.04 during trading on Friday, reaching $107.99. The company had a trading volume of 18,383,278 shares, compared to its average volume of 21,450,379. The stock has a market cap of $119.74 billion, a P/E ratio of -76.05 and a beta of 1.18. The company’s fifty day moving average price is $121.81 and its 200-day moving average price is $113.53. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 12 month low of $61.75 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. Micron Technology’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.57) earnings per share. As a group, research analysts expect that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

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.