Morse Asset Management Inc Buys 46,636 Shares of Micron Technology, Inc. (NASDAQ:MU)

Morse Asset Management Inc lifted its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 322.5% during the first quarter, HoldingsChannel.com reports. The firm owned 61,097 shares of the semiconductor manufacturer’s stock after purchasing an additional 46,636 shares during the quarter. Micron Technology makes up 1.8% of Morse Asset Management Inc’s portfolio, making the stock its 15th largest position. Morse Asset Management Inc’s holdings in Micron Technology were worth $7,203,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Clearbridge Investments LLC increased 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 acquiring an additional 20,741 shares during the last quarter. Norden Group LLC increased its stake in Micron Technology by 1,916.7% in 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 during the last quarter. TCW Group Inc. increased its position in shares of Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after purchasing an additional 28,649 shares during the last quarter. Gulf International Bank UK Ltd increased its position 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 valued at $11,770,000 after purchasing an additional 5,958 shares during the last quarter. Finally, TrinityPoint Wealth LLC increased its position in shares of Micron Technology by 33.9% during the 4th quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock valued at $2,948,000 after purchasing an additional 8,736 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Raymond James increased their price objective on Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Wells Fargo & Company increased their price objective on Micron Technology from $135.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, June 20th. The Goldman Sachs Group increased their price objective on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Cantor Fitzgerald increased their price objective on Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Finally, Susquehanna increased their price objective on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a research report on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $158.72.

Micron Technology Stock Up 1.8 %

Shares of NASDAQ MU traded up $1.96 during mid-day trading on Friday, hitting $109.41. 18,547,885 shares of the stock traded hands, compared to its average volume of 22,686,388. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology, Inc. has a 52 week low of $61.75 and a 52 week high of $157.54. The company has a market cap of $121.32 billion, a price-to-earnings ratio of -77.05 and a beta of 1.18. The stock has a fifty day moving average price of $131.01 and a 200-day moving average price of $112.25.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $6.67 billion. During the same period in the previous year, the company posted ($1.57) earnings per share. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. Research analysts anticipate that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.42%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction 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 $19,335,731.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott J. Deboer sold 40,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $110.31, for a total value of $4,412,400.00. Following the completion of the transaction, the executive vice president now owns 158,617 shares of the company’s stock, valued at approximately $17,497,041.27. The disclosure for this sale can be found here. Over the last three months, insiders have sold 236,730 shares of company stock valued at $29,435,039. 0.32% of the stock is currently owned by corporate insiders.

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.