Beech Hill Advisors Inc. Takes $582,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Beech Hill Advisors Inc. bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, HoldingsChannel reports. The institutional investor bought 6,920 shares of the semiconductor manufacturer’s stock, valued at approximately $582,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Highline Wealth Partners LLC purchased a new position in Micron Technology in the 3rd quarter valued at approximately $26,000. Davis Capital Management acquired a new stake in shares of Micron Technology in the third quarter valued at $30,000. True Wealth Design LLC boosted its holdings in Micron Technology by 1,096.3% in the third quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 296 shares during the period. DT Investment Partners LLC grew its stake in Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares in the last quarter. Finally, Stone House Investment Management LLC increased its holdings in Micron Technology by 602.2% during the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 277 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

MU traded down $0.81 on Thursday, hitting $102.38. 2,685,081 shares of the company traded hands, compared to its average volume of 25,786,395. Micron Technology, Inc. has a 12-month low of $79.15 and a 12-month high of $157.54. The company has a 50 day moving average of $98.39 and a 200-day moving average of $102.65. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $114.07 billion, a PE ratio of 29.50 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, topping the consensus estimate of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. During the same quarter in the prior year, the business earned ($0.95) earnings per share. The company’s quarterly revenue was up 84.3% compared to the same quarter last year. Sell-side analysts anticipate that Micron Technology, Inc. will post 6.25 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the sale, the executive vice president now owns 181,223 shares of the company’s stock, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Mizuho decreased their price objective on Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Susquehanna decreased their price target on shares of Micron Technology from $175.00 to $165.00 and set a “positive” rating for the company in a research note on Thursday, September 26th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Micron Technology in a research report on Wednesday, December 18th. Piper Sandler decreased their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Finally, Wedbush reiterated an “outperform” rating and set a $140.00 target price on shares of Micron Technology in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the stock. According to data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average target price of $135.24.

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.