Westfield Capital Management Co. LP Buys Shares of 394,380 Micron Technology, Inc. (NASDAQ:MU)

Westfield Capital Management Co. LP purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 394,380 shares of the semiconductor manufacturer’s stock, valued at approximately $40,901,000.

Several other institutional investors have also recently made changes to their positions in MU. Centaurus Financial Inc. grew its holdings in Micron Technology by 119.2% during the 3rd quarter. Centaurus Financial Inc. now owns 29,141 shares of the semiconductor manufacturer’s stock worth $3,022,000 after acquiring an additional 15,848 shares in the last quarter. Senvest Management LLC bought a new position in shares of Micron Technology during the third quarter valued at approximately $58,046,000. Larson Financial Group LLC increased its holdings in Micron Technology by 885.5% during the third quarter. Larson Financial Group LLC now owns 1,360 shares of the semiconductor manufacturer’s stock valued at $141,000 after buying an additional 1,222 shares during the period. Penserra Capital Management LLC raised its stake in Micron Technology by 12.2% in the third quarter. Penserra Capital Management LLC now owns 52,832 shares of the semiconductor manufacturer’s stock worth $5,477,000 after buying an additional 5,740 shares in the last quarter. Finally, Algert Global LLC lifted its holdings in Micron Technology by 349.4% during the third quarter. Algert Global LLC now owns 11,092 shares of the semiconductor manufacturer’s stock worth $1,150,000 after buying an additional 8,624 shares during the period. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on MU shares. Needham & Company LLC restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. Morgan Stanley raised their target price 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. China Renaissance started coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. Wells Fargo & Company lowered their price objective on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. Finally, BNP Paribas lowered Micron Technology from an “outperform” rating to an “underperform” rating and reduced their target price for the company from $140.00 to $67.00 in a research report on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $102.64 on Monday. The firm has a market cap of $113.80 billion, a PE ratio of 150.94 and a beta of 1.18. Micron Technology, Inc. has a twelve month low of $72.93 and a twelve month high of $157.54. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $102.46 and a 200 day moving average price of $112.13.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data 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 business had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the previous year, the business earned ($1.21) earnings per share. The business’s revenue was up 93.3% compared to the same quarter last year. Sell-side 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 announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders 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 dividend yield of 0.45%. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

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.