Silver Lake Advisory LLC Takes $512,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Silver Lake Advisory LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 3,892 shares of the semiconductor manufacturer’s stock, valued at approximately $512,000.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wedbush reissued an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday. The Goldman Sachs Group upped their target price on Micron Technology from $138.00 to $158.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Morgan Stanley lifted their price target on Micron Technology from $100.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Thursday. Citigroup lowered their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Finally, KeyCorp cut their target price 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. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.38.

Micron Technology Stock Performance

NASDAQ:MU opened at $107.50 on Monday. The company has a market cap of $119.20 billion, a P/E ratio of -75.70, a P/E/G ratio of 0.20 and a beta of 1.17. The firm’s 50 day moving average is $97.63 and its two-hundred day moving average is $114.96. Micron Technology, Inc. has a fifty-two week low of $63.83 and a fifty-two week 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.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the company posted ($1.21) EPS. The business’s quarterly revenue was up 93.3% on a year-over-year basis. Analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Monday, October 7th. Micron Technology’s payout ratio is currently -32.39%.

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.