Spinnaker Investment Group LLC Buys New Shares in Micron Technology, Inc. (NASDAQ:MU)

Spinnaker Investment Group LLC bought a new stake in Micron Technology, Inc. (NASDAQ:MU) during the first quarter, HoldingsChannel reports. The fund bought 1,935 shares of the semiconductor manufacturer’s stock, valued at approximately $228,000.

Other institutional investors have also added to or reduced their stakes in the company. Revolve Wealth Partners LLC grew its stake in shares of Micron Technology by 1.5% during the first quarter. Revolve Wealth Partners LLC now owns 6,582 shares of the semiconductor manufacturer’s stock valued at $776,000 after buying an additional 98 shares during the last quarter. Sandy Spring Bank grew its stake in shares of Micron Technology by 11.1% during the fourth quarter. Sandy Spring Bank now owns 1,305 shares of the semiconductor manufacturer’s stock valued at $111,000 after buying an additional 130 shares during the last quarter. First Affirmative Financial Network grew its stake in shares of Micron Technology by 4.7% during the first quarter. First Affirmative Financial Network now owns 2,946 shares of the semiconductor manufacturer’s stock valued at $347,000 after buying an additional 131 shares during the last quarter. HMS Capital Management LLC grew its stake in shares of Micron Technology by 0.7% during the fourth quarter. HMS Capital Management LLC now owns 19,842 shares of the semiconductor manufacturer’s stock valued at $1,693,000 after buying an additional 138 shares during the last quarter. Finally, JFS Wealth Advisors LLC grew its stake in shares of Micron Technology by 11.0% during the fourth quarter. JFS Wealth Advisors LLC now owns 1,417 shares of the semiconductor manufacturer’s stock valued at $121,000 after buying an additional 140 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research note on Thursday, March 21st. Wedbush reissued an “outperform” rating and issued a $170.00 target price on shares of Micron Technology in a research note on Thursday, June 27th. Susquehanna raised their target price on Micron Technology from $143.00 to $185.00 and gave the stock a “positive” rating in a research note on Monday, June 17th. Finally, Piper Sandler raised their target price on Micron Technology from $130.00 to $150.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $158.52.

Micron Technology Stock Up 3.2 %

Shares of MU traded up $4.23 during mid-day trading on Thursday, reaching $136.82. The company had a trading volume of 14,507,146 shares, compared to its average volume of 27,836,970. 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 $129.42 and a 200 day moving average price of $107.38. Micron Technology, Inc. has a 52 week low of $60.50 and a 52 week high of $157.54. The company has a market capitalization of $151.71 billion, a price-to-earnings ratio of -96.35 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $6.67 billion. During the same period in the previous year, the firm posted ($1.57) EPS. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. On average, sell-side analysts forecast that Micron Technology, Inc. will post 0.58 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be given a $0.115 dividend. The ex-dividend date is Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.34%. Micron Technology’s dividend payout ratio is currently -32.39%.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were 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 disclosure for this sale can be found here. Insiders have sold a total of 257,730 shares of company stock valued at $31,921,649 in the last ninety days. 0.32% of the stock is currently owned by corporate insiders.

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.