GAMMA Investing LLC Grows Stake in Micron Technology, Inc. (NASDAQ:MU)

GAMMA Investing LLC raised its stake in Micron Technology, Inc. (NASDAQ:MU) by 43.8% during the second quarter, Holdings Channel reports. The fund owned 13,910 shares of the semiconductor manufacturer’s stock after buying an additional 4,240 shares during the period. GAMMA Investing LLC’s holdings in Micron Technology were worth $1,830,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transcend Capital Advisors LLC lifted its stake in shares of Micron Technology by 41.0% during the 2nd quarter. Transcend Capital Advisors LLC now owns 3,969 shares of the semiconductor manufacturer’s stock valued at $522,000 after buying an additional 1,155 shares in the last quarter. Appleton Partners Inc. MA lifted its stake in shares of Micron Technology by 1.6% during the 2nd quarter. Appleton Partners Inc. MA now owns 150,314 shares of the semiconductor manufacturer’s stock valued at $19,771,000 after buying an additional 2,316 shares in the last quarter. Kathmere Capital Management LLC lifted its stake in shares of Micron Technology by 28.2% during the 2nd quarter. Kathmere Capital Management LLC now owns 2,734 shares of the semiconductor manufacturer’s stock valued at $360,000 after buying an additional 601 shares in the last quarter. Keynote Financial Services LLC purchased a new stake in shares of Micron Technology during the 1st quarter valued at approximately $789,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Micron Technology by 15.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,485 shares of the semiconductor manufacturer’s stock valued at $507,000 after buying an additional 596 shares in the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Trading Down 8.7 %

MU traded down $8.81 during trading on Friday, hitting $92.70. 36,039,440 shares of the stock traded hands, compared to its average volume of 23,484,150. The firm has a market capitalization of $102.79 billion, a P/E ratio of -65.28 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The firm has a 50-day moving average of $128.53 and a 200 day moving average of $112.94. Micron Technology, Inc. has a 12-month low of $61.75 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.57) EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.50%. Micron Technology’s payout ratio is currently -32.39%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MU. Stifel Nicolaus upped their price target on shares of Micron Technology from $140.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Bank of America upped their target price on shares of Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, June 17th. Needham & Company LLC upped their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 target price on shares of Micron Technology in a report on Tuesday, June 25th. Finally, Barclays upped their target price on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $158.72.

Insider Buying and Selling 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 shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $120.32, for a total transaction of $842,240.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $86,515,975.68. The disclosure for this sale can be found here. Insiders sold 174,730 shares of company stock valued at $22,485,299 in the last quarter. Company insiders own 0.32% of the company’s stock.

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.