Lake Street Advisors Group LLC Has $1.33 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

Lake Street Advisors Group LLC increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 10.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 10,089 shares of the semiconductor manufacturer’s stock after acquiring an additional 963 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Micron Technology were worth $1,327,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Clearbridge Investments LLC grew its stake in shares of Micron Technology by 1.1% during 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. bought a new position in Micron Technology in the second quarter valued at approximately $4,056,000. Norden Group LLC boosted its stake in Micron Technology by 1,916.7% in 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 during the last quarter. TCW Group Inc. boosted its stake in Micron Technology by 5.7% in 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 during the last quarter. Finally, Gulf International Bank UK Ltd boosted its stake in Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock valued at $11,770,000 after acquiring an additional 5,958 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MU. Susquehanna reduced their price target on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a research report on Thursday, August 22nd. Mizuho boosted their price target on shares of Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a report on Friday, May 31st. TD Cowen boosted their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a report on Tuesday, June 25th. Finally, Needham & Company LLC cut their price objective on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $157.12.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of the 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 completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,174 shares of company stock valued at $6,827,113. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $86.38 on Friday. The company’s 50 day moving average price is $108.72 and its two-hundred day moving average price is $114.80. Micron Technology, Inc. has a 12-month low of $63.83 and a 12-month high of $157.54. The firm has a market cap of $95.78 billion, a PE ratio of -60.83 and a beta of 1.17. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29.

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 firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same quarter in the prior year, the business posted ($1.57) EPS. The business’s revenue was up 81.5% compared to the same quarter last year. Equities research analysts predict that Micron Technology, Inc. will post 0.58 earnings per share for the current year.

Micron Technology Announces Dividend

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

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.