AMI Investment Management Inc. Has $2.46 Million Stake in Micron Technology, Inc. (NASDAQ:MU)

AMI Investment Management Inc. reduced its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 49.8% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 23,740 shares of the semiconductor manufacturer’s stock after selling 23,577 shares during the quarter. AMI Investment Management Inc.’s holdings in Micron Technology were worth $2,462,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. DecisionPoint Financial LLC bought a new stake in Micron Technology during the 1st quarter worth about $25,000. Hobbs Group Advisors LLC bought a new stake in Micron Technology during the second quarter worth about $28,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology during the fourth quarter worth about $29,000. Valued Wealth Advisors LLC grew its stake in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock valued at $29,000 after purchasing an additional 173 shares in the last quarter. Finally, Davis Capital Management acquired a new position in shares of Micron Technology during the 3rd quarter worth approximately $30,000. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on MU. Morgan Stanley increased their price objective on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Rosenblatt Securities lifted their price objective on shares of Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Needham & Company LLC restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. 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 note on Tuesday, August 6th. Finally, Bank of America boosted their price target on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. One 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $143.23.

Micron Technology Price Performance

NASDAQ:MU traded up $0.43 during trading hours on Friday, reaching $102.25. 21,912,189 shares of the company were exchanged, compared to its average volume of 22,362,682. The business has a 50 day moving average of $96.80 and a 200 day moving average of $114.90. Micron Technology, Inc. has a 1-year low of $63.88 and a 1-year high of $157.54. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. The company has a market capitalization of $113.38 billion, a P/E ratio of -71.68, a P/E/G ratio of 0.20 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) 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 company had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period in the prior year, the firm posted ($1.21) EPS. Micron Technology’s quarterly revenue was up 93.3% on a year-over-year basis. Research analysts forecast 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 given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date is Monday, October 7th. Micron Technology’s payout ratio is presently -32.39%.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the sale, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.32% of the stock is currently owned by 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.