Gladstone Capital Management LLP Invests $33.74 Million in Micron Technology, Inc. (NASDAQ:MU)

Gladstone Capital Management LLP acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the second quarter, according to its most recent filing with the SEC. The fund acquired 256,500 shares of the semiconductor manufacturer’s stock, valued at approximately $33,737,000. Micron Technology accounts for approximately 3.0% of Gladstone Capital Management LLP’s investment portfolio, making the stock its 12th biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. DecisionPoint Financial LLC bought a new position in Micron Technology in the 1st quarter valued at $25,000. Pingora Partners LLC purchased a new stake in shares of Micron Technology in the fourth quarter worth $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Micron Technology in the second quarter worth $28,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology during the fourth quarter valued at $29,000. Finally, Valued Wealth Advisors LLC grew its position in Micron Technology by 230.7% during the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 173 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Performance

NASDAQ:MU opened at $90.90 on Monday. The firm’s fifty day simple moving average is $99.81 and its 200 day simple moving average is $114.83. Micron Technology, Inc. has a twelve month low of $63.83 and a twelve month high of $157.54. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock has a market cap of $100.79 billion, a P/E ratio of -64.01 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its quarterly 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. The company had revenue of $6.81 billion during the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. Micron Technology’s revenue was up 81.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.57) earnings per share. As a group, research analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.51%. Micron Technology’s payout ratio is -32.39%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MU shares. Piper Sandler lifted their price target on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. BNP Paribas lowered shares of Micron Technology from an “outperform” rating to an “underperform” rating and decreased their price target for the stock from $140.00 to $67.00 in a report on Thursday, September 12th. Wedbush reaffirmed an “outperform” rating and set a $170.00 price objective on shares of Micron Technology in a report on Thursday, June 27th. Finally, Bank of America raised their price target on Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has a consensus rating of “Moderate Buy” and an average price target of $145.65.

Insiders Place Their Bets

In other news, 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 in the company, valued at approximately $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.32% of the stock is owned by corporate insiders.

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.