Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Wahed Invest LLC

Wahed Invest LLC lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 16.9% in the third quarter, HoldingsChannel reports. The firm owned 26,777 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,866 shares during the quarter. Wahed Invest LLC’s holdings in Micron Technology were worth $2,777,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hobbs Group Advisors LLC acquired a new position in Micron Technology in the 2nd quarter valued at about $28,000. Highline Wealth Partners LLC acquired a new position in Micron Technology in the 3rd quarter valued at about $26,000. Richard W. Paul & Associates LLC increased its position in Micron Technology by 128.6% in the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 144 shares during the period. LRI Investments LLC increased its position in Micron Technology by 57.2% in the 2nd quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 99 shares during the period. Finally, Davis Capital Management acquired a new position in Micron Technology in the 3rd quarter valued at about $30,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Down 2.3 %

Shares of NASDAQ MU opened at $100.87 on Friday. Micron Technology, Inc. has a 12-month low of $72.93 and a 12-month high of $157.54. The company has a market cap of $112.37 billion, a P/E ratio of 148.34 and a beta of 1.16. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average price of $103.79 and a 200 day moving average price of $110.81.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period in the prior year, the firm earned ($1.21) EPS. The firm’s quarterly revenue was up 93.3% compared to the same quarter last year. Research analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, October 7th. This represents a $0.46 dividend on an annualized basis and a yield of 0.46%. Micron Technology’s payout ratio is currently 67.65%.

Insider Buying and Selling at Micron Technology

In other 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 transaction of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 3.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MU shares. Morgan Stanley boosted their target price on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. UBS Group dropped their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Raymond James boosted their target price on Micron Technology from $125.00 to $140.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Cantor Fitzgerald reiterated an “overweight” rating and set a $150.00 target price on shares of Micron Technology in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company decreased their price target on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $143.04.

Micron Technology 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.