Range Financial Group LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Range Financial Group LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, Holdings Channel.com reports. The firm acquired 2,662 shares of the semiconductor manufacturer’s stock, valued at approximately $350,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MU. TD Asset Management Inc increased its position in Micron Technology by 2.6% in the 2nd quarter. TD Asset Management Inc now owns 550,866 shares of the semiconductor manufacturer’s stock worth $72,455,000 after buying an additional 13,728 shares during the period. FineMark National Bank & Trust increased its holdings in shares of Micron Technology by 4.1% during the 2nd quarter. FineMark National Bank & Trust now owns 3,696 shares of the semiconductor manufacturer’s stock worth $486,000 after purchasing an additional 147 shares during the period. FDx Advisors Inc. increased its holdings in shares of Micron Technology by 17.1% during the 2nd quarter. FDx Advisors Inc. now owns 3,464 shares of the semiconductor manufacturer’s stock worth $456,000 after purchasing an additional 506 shares during the period. Belpointe Asset Management LLC increased its holdings in shares of Micron Technology by 253.2% during the 2nd quarter. Belpointe Asset Management LLC now owns 20,674 shares of the semiconductor manufacturer’s stock worth $2,719,000 after purchasing an additional 14,820 shares during the period. Finally, Wealth Effects LLC increased its holdings in shares of Micron Technology by 40.2% during the 2nd quarter. Wealth Effects LLC now owns 5,685 shares of the semiconductor manufacturer’s stock worth $748,000 after purchasing an additional 1,630 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Price Performance

Shares of MU stock traded down $0.56 during trading hours on Thursday, reaching $88.73. 1,204,157 shares of the company were exchanged, compared to its average volume of 21,239,295. Micron Technology, Inc. has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The stock’s fifty day moving average is $110.48 and its two-hundred day moving average is $114.69. The company has a market cap of $98.39 billion, a price-to-earnings ratio of -62.88 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16.

Micron Technology (NASDAQ:MU) last announced its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the prior year, the business earned ($1.57) earnings per share. Micron Technology’s quarterly revenue was up 81.5% on a year-over-year basis. Sell-side analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Analyst Upgrades and Downgrades

MU has been the topic of several research reports. Stifel Nicolaus boosted their price objective on shares of Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. KeyCorp dropped their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. JPMorgan Chase & Co. upped their target price on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Robert W. Baird upped their target price on shares of Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a research note on Monday, June 24th. Finally, Needham & Company LLC lowered their target price on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $157.12.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 34,284 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 34,284 shares of the business’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 transaction of $5,220,767.52. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. Insiders sold a total of 46,174 shares of company stock valued at $6,827,113 over the last ninety days. Insiders own 0.32% of the company’s stock.

Micron Technology Company 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.