Premier Path Wealth Partners LLC Boosts Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Premier Path Wealth Partners LLC raised its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 12.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,688 shares of the semiconductor manufacturer’s stock after purchasing an additional 505 shares during the quarter. Premier Path Wealth Partners LLC’s holdings in Micron Technology were worth $617,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Clearbridge Investments LLC lifted its stake in Micron Technology by 1.1% in the first 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 period. Chapin Davis Inc. acquired a new position in shares of Micron Technology during the second quarter valued at about $4,056,000. Norden Group LLC increased its position in shares of Micron Technology by 1,916.7% in the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after acquiring an additional 47,648 shares during the period. TCW Group Inc. raised its stake in shares of Micron Technology by 5.7% in the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its holdings in Micron Technology by 6.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after buying an additional 5,958 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MU has been the topic of several analyst reports. UBS Group cut their price target on Micron Technology from $155.00 to $153.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. KeyCorp reduced their price target on Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. TD Cowen upped their price objective on Micron Technology from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, June 27th. Finally, Rosenblatt Securities restated a “buy” rating and set a $225.00 price target on shares of Micron Technology in a research report on Tuesday, June 25th. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $157.52.

Micron Technology Price Performance

MU stock traded down $1.41 during midday trading on Friday, reaching $102.85. The stock had a trading volume of 24,535,168 shares, compared to its average volume of 21,332,375. Micron Technology, Inc. has a 52-week low of $62.63 and a 52-week high of $157.54. The company has a market cap of $114.04 billion, a price-to-earnings ratio of -72.43 and a beta of 1.18. The company’s fifty day simple moving average is $118.55 and its 200 day simple moving average is $113.85. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s revenue for the quarter was up 81.5% on a year-over-year basis. During the same period last year, the firm posted ($1.57) earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $132.14, for a total value of $924,980.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $95,015,134.86. The disclosure for this sale can be found here. Insiders have sold a total of 60,174 shares of company stock worth $8,635,073 in the last quarter. Company insiders own 0.32% of the company’s stock.

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.