Cranbrook Wealth Management LLC Purchases Shares of 319 Micron Technology, Inc. (NASDAQ:MU)

Cranbrook Wealth Management LLC acquired a new position in Micron Technology, Inc. (NASDAQ:MU) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 319 shares of the semiconductor manufacturer’s stock, valued at approximately $42,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Clearbridge Investments LLC boosted its holdings 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 valued at $227,741,000 after purchasing an additional 20,741 shares during the last quarter. Chapin Davis Inc. acquired a new stake in Micron Technology during the second quarter worth about $4,056,000. Norden Group LLC raised its position in Micron Technology by 1,916.7% during the first 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 in the last quarter. TCW Group Inc. raised its position in Micron Technology by 5.7% during the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock valued at $45,383,000 after acquiring an additional 28,649 shares in the last quarter. Finally, Gulf International Bank UK Ltd boosted its position 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 purchasing an additional 5,958 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the company’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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.32% of the company’s stock.

Micron Technology Stock Down 4.4 %

Micron Technology stock opened at $87.18 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm has a 50 day moving average price of $103.31 and a 200 day moving average price of $115.01. Micron Technology, Inc. has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The company has a market capitalization of $96.67 billion, a PE ratio of -61.39 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. During the same quarter in the previous year, the business earned ($1.57) EPS. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. Research analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.53%. The ex-dividend date was Monday, July 8th. Micron Technology’s payout ratio is -32.39%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MU shares. BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and cut their target price for the company from $140.00 to $67.00 in a report on Thursday, September 12th. The Goldman Sachs Group lifted their price objective on shares of Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Citigroup increased their target price on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. KeyCorp dropped their target price on Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Finally, Stifel Nicolaus upped their price target on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus price target of $150.77.

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.