Hardy Reed LLC Acquires New Holdings in Micron Technology, Inc. (NASDAQ:MU)

Hardy Reed LLC bought a new position in Micron Technology, Inc. (NASDAQ:MU) in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,133 shares of the semiconductor manufacturer’s stock, valued at approximately $843,000.

A number of other hedge funds have also added to or reduced their stakes in MU. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the second quarter worth $28,000. Highline Wealth Partners LLC purchased a new position in Micron Technology in the third quarter worth about $26,000. Richard W. Paul & Associates LLC grew its stake in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 144 shares during the period. LRI Investments LLC increased its position in shares of Micron Technology by 57.2% during the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 99 shares during the last quarter. Finally, Davis Capital Management bought a new position in shares of Micron Technology in the 3rd quarter worth approximately $30,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on MU shares. KeyCorp reduced their target price on shares of Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Citigroup reduced their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. Robert W. Baird lowered their target price on Micron Technology from $172.00 to $150.00 and set an “outperform” rating on the stock in a research report on Friday, September 27th. Rosenblatt Securities upped their price target on Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the company. According to data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.04.

Micron Technology Price Performance

MU stock opened at $101.80 on Wednesday. Micron Technology, Inc. has a 52 week low of $72.93 and a 52 week high of $157.54. The firm has a market capitalization of $112.87 billion, a P/E ratio of 149.71 and a beta of 1.18. The company has a fifty day simple moving average of $103.07 and a two-hundred day simple moving average of $111.90. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced 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 net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter last year, the firm earned ($1.21) EPS. The firm’s revenue for the quarter was up 93.3% compared to the same quarter last year. Analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors 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 dividend on an annualized basis and a yield of 0.45%. Micron Technology’s dividend payout ratio is presently 67.65%.

Insiders Place Their Bets

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 3.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.32% of the stock is owned by insiders.

Micron Technology 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.