Morse Asset Management Inc Purchases 1,512 Shares of Micron Technology, Inc. (NASDAQ:MU)

Morse Asset Management Inc boosted its position in Micron Technology, Inc. (NASDAQ:MU) by 2.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,609 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,512 shares during the quarter. Micron Technology comprises about 2.0% of Morse Asset Management Inc’s portfolio, making the stock its 12th biggest holding. Morse Asset Management Inc’s holdings in Micron Technology were worth $8,235,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MU. Price T Rowe Associates Inc. MD increased its holdings in shares of Micron Technology by 22.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after purchasing an additional 3,315,988 shares during the period. Capital International Investors increased its stake in Micron Technology by 15.1% during the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after acquiring an additional 2,397,885 shares during the period. Swedbank AB increased its stake in Micron Technology by 473.8% during the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after acquiring an additional 2,187,460 shares during the period. 1832 Asset Management L.P. raised its holdings in Micron Technology by 301,500.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock valued at $213,334,000 after acquiring an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Micron Technology by 28.9% during the 1st quarter. Van ECK Associates Corp now owns 7,566,572 shares of the semiconductor manufacturer’s stock valued at $892,023,000 after acquiring an additional 1,695,876 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Micron Technology

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. 0.32% of the stock is currently owned by company insiders.

Micron Technology Price Performance

MU stock opened at $90.90 on Monday. The company has a market capitalization of $100.79 billion, a P/E ratio of -64.01 and a beta of 1.17. The company has a fifty day moving average price of $99.81 and a 200-day moving average price of $114.83. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology, Inc. has a 52-week low of $63.83 and a 52-week high of $157.54.

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 the consensus estimate 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 business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period last year, the company earned ($1.57) EPS. Micron Technology’s revenue for the quarter was up 81.5% compared to the same quarter last year. As a group, equities analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently commented on MU. Susquehanna dropped their price target on Micron Technology from $185.00 to $175.00 and set a “positive” rating for the company in a research note on Thursday, August 22nd. Cantor Fitzgerald upped their price target on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Mizuho increased their price target on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Wedbush restated an “outperform” rating and set a $170.00 price objective on shares of Micron Technology in a research report on Thursday, June 27th. Finally, TD Cowen reduced their target price on Micron Technology from $160.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.65.

About Micron Technology

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.