Quarry LP Increases Holdings in Micron Technology, Inc. (NASDAQ:MU)

Quarry LP grew its holdings in Micron Technology, Inc. (NASDAQ:MU) by 113.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,291 shares of the semiconductor manufacturer’s stock after acquiring an additional 687 shares during the quarter. Quarry LP’s holdings in Micron Technology were worth $134,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hobbs Group Advisors LLC purchased a new position in Micron Technology during the second quarter worth about $28,000. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the 3rd quarter valued at approximately $26,000. Richard W. Paul & Associates LLC boosted 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 valued at $34,000 after buying an additional 144 shares in the last quarter. LRI Investments LLC grew its holdings in Micron Technology by 57.2% during the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 99 shares during the period. Finally, Davis Capital Management purchased a new position in Micron Technology in the third quarter worth $30,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $101.17 on Friday. The company has a market cap of $112.71 billion, a P/E ratio of 148.78 and a beta of 1.16. Micron Technology, Inc. has a one year low of $72.99 and a one year high of $157.54. The business’s 50-day simple moving average is $103.79 and its 200 day simple moving average is $110.81. 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 released its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating 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 business had revenue of $7.75 billion during the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the business earned ($1.21) EPS. The business’s revenue was up 93.3% on a year-over-year basis. On average, sell-side analysts forecast that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.45%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio is currently 67.65%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology 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 in the company, valued at $15,348,790. This trade represents a 3.47 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MU. Rosenblatt Securities upped their price target on shares of Micron Technology from $225.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $150.00 target price on shares of Micron Technology in a report on Tuesday, October 1st. China Renaissance began coverage on Micron Technology in a research note on Monday, October 28th. They set a “buy” rating and a $148.00 price target on the stock. TD Cowen raised their price objective on Micron Technology from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Stifel Nicolaus decreased their target price on Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.