ProVise Management Group LLC Buys Shares of 1,797 Micron Technology, Inc. (NASDAQ:MU)

ProVise Management Group LLC purchased a new stake in Micron Technology, Inc. (NASDAQ:MU) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,797 shares of the semiconductor manufacturer’s stock, valued at approximately $236,000.

A number of other hedge funds also recently made changes to their positions in MU. Price T Rowe Associates Inc. MD increased its stake in Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock valued at $2,150,743,000 after buying an additional 3,315,988 shares during the period. Capital International Investors raised its holdings in Micron Technology by 15.1% during the first quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares in the last quarter. Swedbank AB lifted its position in Micron Technology by 473.8% in the second quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares during the period. 1832 Asset Management L.P. boosted its stake in Micron Technology by 301,500.0% during 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 purchasing an additional 1,809,000 shares in the last quarter. Finally, Van ECK Associates Corp increased 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 purchasing an additional 1,695,876 shares during the period. Institutional investors own 80.84% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MU. Needham & Company LLC decreased their target price on Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, August 26th. KeyCorp reduced their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Morgan Stanley dropped their target price on shares of Micron Technology from $140.00 to $100.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. The Goldman Sachs Group raised their target price on shares of Micron Technology from $138.00 to $158.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Robert W. Baird upped their price target on Micron Technology from $150.00 to $172.00 and gave the company an “outperform” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $145.65.

Insider Activity

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred 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 transaction, the executive vice president now 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 the SEC website. 0.32% of the stock is currently owned by insiders.

Micron Technology Trading Up 1.8 %

Shares of NASDAQ MU opened at $90.90 on Friday. The stock has a market cap of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. The business has a 50 day simple moving average of $99.81 and a 200 day simple moving average of $114.56. 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 posted its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $6.67 billion. During the same period in the previous year, the firm posted ($1.57) earnings per share. The company’s revenue for the quarter was up 81.5% compared to the same quarter last year. On average, research analysts predict that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business 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. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

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.