Rheos Capital Works Inc. Acquires New Position in Micron Technology, Inc. (NASDAQ:MU)

Rheos Capital Works Inc. acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) in the third quarter, HoldingsChannel reports. The institutional investor acquired 110,000 shares of the semiconductor manufacturer’s stock, valued at approximately $11,408,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Clearbridge Investments LLC boosted its stake in Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after purchasing an additional 20,741 shares during the period. Chapin Davis Inc. purchased a new stake in shares of Micron Technology during the 2nd quarter worth approximately $4,056,000. Handelsbanken Fonder AB raised its holdings in shares of Micron Technology by 2.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 434,596 shares of the semiconductor manufacturer’s stock worth $45,072,000 after acquiring an additional 9,992 shares in the last quarter. Norden Group LLC raised its holdings in shares of Micron Technology by 1,916.7% during the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after acquiring an additional 47,648 shares in the last quarter. Finally, Gulf International Bank UK Ltd raised its holdings in shares of Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after acquiring an additional 5,958 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.32% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MU has been the topic of several recent research reports. Robert W. Baird decreased their price objective on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a report on Friday, September 27th. The Goldman Sachs Group upped their price objective on Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Citigroup decreased their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price target for the company from $140.00 to $67.00 in a report on Thursday, September 12th. Finally, Wells Fargo & Company decreased their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the stock. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $142.85.

Micron Technology Price Performance

Shares of MU stock opened at $109.24 on Thursday. Micron Technology, Inc. has a 1-year low of $63.88 and a 1-year high of $157.54. The stock’s 50-day moving average is $97.88 and its 200 day moving average is $114.64. The company has a market cap of $121.13 billion, a P/E ratio of -76.93 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 (NASDAQ:MU) last released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period last year, the business posted ($1.21) earnings per share. The firm’s revenue was up 93.3% compared to the same quarter last year. Research analysts predict that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is presently -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.