Westfield Capital Management Co. LP Invests $40.90 Million in Micron Technology, Inc. (NASDAQ:MU)

Westfield Capital Management Co. LP acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 394,380 shares of the semiconductor manufacturer’s stock, valued at approximately $40,901,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Highline Wealth Partners LLC bought a new stake in shares of Micron Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Micron Technology in the 2nd quarter worth $28,000. Davis Capital Management purchased a new position in shares of Micron Technology in the third quarter worth $30,000. Richard W. Paul & Associates LLC raised its stake in shares of Micron Technology by 128.6% in the second quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 144 shares during the last quarter. Finally, DT Investment Partners LLC lifted its holdings in shares of Micron Technology by 261.1% during the third quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 235 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated 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 directly owns 135,830 shares of the company’s stock, valued at $15,348,790. This represents a 3.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MU. Needham & Company LLC restated a “buy” rating and set a $140.00 target price on shares of Micron Technology in a research note on Thursday, September 26th. Citigroup lowered their price target on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Morgan Stanley lifted their price objective on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. China Renaissance began coverage on Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 target price on the stock. Finally, Wells Fargo & Company cut their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology Stock Performance

MU opened at $102.64 on Monday. The company has a fifty day moving average of $102.46 and a 200 day moving average of $112.13. Micron Technology, Inc. has a fifty-two week low of $72.93 and a fifty-two week high of $157.54. The stock has a market capitalization of $113.80 billion, a price-to-earnings ratio of 150.94 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.68 and a current ratio of 2.64.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the previous year, the firm posted ($1.21) EPS. The business’s quarterly revenue was up 93.3% on a year-over-year basis. As a group, sell-side analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share 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 paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s payout ratio is 67.65%.

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.