Belmont Capital LLC Invests $519,000 in Micron Technology, Inc. (NASDAQ:MU)

Belmont Capital LLC bought a new stake in Micron Technology, Inc. (NASDAQ:MU) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,000 shares of the semiconductor manufacturer’s stock, valued at approximately $519,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Micron Technology in the second quarter worth approximately $28,000. Davis Capital Management bought a new position in Micron Technology during the 3rd quarter valued at $30,000. Richard W. Paul & Associates LLC increased its position 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. Finally, DT Investment Partners LLC raised its stake in shares of Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 235 shares in the last quarter. Institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MU shares. Cantor Fitzgerald reissued an “overweight” rating and set a $150.00 target price on shares of Micron Technology in a research note on Tuesday, October 1st. China Renaissance began coverage on Micron Technology in a research report on Monday, October 28th. They set a “buy” rating and a $148.00 price objective for the company. Susquehanna decreased their target price on Micron Technology from $175.00 to $165.00 and set a “positive” rating on the stock in a report on Thursday, September 26th. KeyCorp reduced their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, October 8th. Finally, UBS Group dropped their price target on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.04.

Micron Technology Trading Up 1.2 %

Shares of NASDAQ:MU opened at $97.51 on Tuesday. Micron Technology, Inc. has a 1 year low of $72.93 and a 1 year high of $157.54. The firm has a fifty day moving average price of $101.55 and a 200 day moving average price of $112.64. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $108.11 billion, a PE ratio of 143.40 and a beta of 1.18.

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 the consensus estimate 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 for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter last year, the company posted ($1.21) earnings per share. The company’s revenue for the quarter was up 93.3% compared to the same quarter last year. Analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Insider Activity at Micron Technology

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

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.