Micron Technology, Inc. (NASDAQ:MU) Position Raised by Perennial Investment Advisors LLC

Perennial Investment Advisors LLC raised its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 13.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,820 shares of the semiconductor manufacturer’s stock after purchasing an additional 338 shares during the quarter. Perennial Investment Advisors LLC’s holdings in Micron Technology were worth $371,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MU. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the second quarter worth approximately $28,000. DecisionPoint Financial LLC acquired a new stake in shares of Micron Technology during the 1st quarter valued at $25,000. Valued Wealth Advisors LLC boosted its stake in shares of Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 173 shares in the last quarter. Richard W. Paul & Associates LLC grew its holdings in shares of Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after acquiring an additional 144 shares during the last quarter. Finally, LRI Investments LLC raised its position in shares of Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after purchasing an additional 99 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Trading Up 1.8 %

Shares of NASDAQ:MU opened at $88.73 on Wednesday. Micron Technology, Inc. has a 1 year low of $63.83 and a 1 year high of $157.54. The firm has a fifty day moving average price of $102.46 and a 200 day moving average price of $114.96. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $98.39 billion, a PE ratio of -62.49 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the prior year, the firm posted ($1.57) EPS. The firm’s revenue for the quarter was up 81.5% on a year-over-year basis. Analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.32% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MU shares. Morgan Stanley decreased their price target on Micron Technology from $140.00 to $100.00 and set an “equal weight” rating for the company in a research report on Monday. Wolfe Research raised their target price on shares of Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. The Goldman Sachs Group boosted their price target on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Bank of America raised their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. Finally, BNP Paribas cut shares of Micron Technology from an “outperform” rating to an “underperform” rating and lowered their price objective for the stock from $140.00 to $67.00 in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.12.

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.