Spinnaker Investment Group LLC Buys Shares of 1,935 Micron Technology, Inc. (NASDAQ:MU)

Spinnaker Investment Group LLC bought a new stake in Micron Technology, Inc. (NASDAQ:MU) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,935 shares of the semiconductor manufacturer’s stock, valued at approximately $228,000.

Several other hedge funds have also recently added to or reduced their stakes in MU. TCW Group Inc. increased its holdings in shares of Micron Technology by 5.7% in the fourth quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after acquiring an additional 28,649 shares in the last quarter. Gulf International Bank UK Ltd increased its holdings in shares of Micron Technology by 6.3% in the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after acquiring an additional 5,958 shares in the last quarter. Savoie Capital LLC bought a new stake in shares of Micron Technology in the third quarter worth about $4,229,000. TrinityPoint Wealth LLC increased its holdings in shares of Micron Technology by 33.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 34,540 shares of the semiconductor manufacturer’s stock worth $2,948,000 after acquiring an additional 8,736 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of Micron Technology by 176.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 15,802 shares of the semiconductor manufacturer’s stock worth $1,349,000 after acquiring an additional 10,096 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 7,000 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $86,789,214.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Sumit Sadana sold 13,239 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $118.77, for a total transaction of $1,572,396.03. Following the transaction, the executive vice president now directly owns 260,857 shares of the company’s stock, valued at approximately $30,981,985.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $120.70, for a total value of $844,900.00. Following the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at $86,789,214.30. The disclosure for this sale can be found here. Insiders have sold 257,730 shares of company stock valued at $31,921,649 in the last ninety days. 0.32% of the stock is owned by company insiders.

Micron Technology Price Performance

MU stock traded up $4.23 during midday trading on Thursday, reaching $136.82. 14,507,146 shares of the stock were exchanged, compared to its average volume of 27,836,970. The stock has a market capitalization of $151.71 billion, a PE ratio of -96.35 and a beta of 1.18. Micron Technology, Inc. has a 52 week low of $60.50 and a 52 week 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 fifty day moving average price of $129.42 and a 200 day moving average price of $107.38.

Micron Technology (NASDAQ:MU) last announced 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. The firm had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.57) EPS. As a group, analysts expect that Micron Technology, Inc. will post 0.58 EPS for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be paid a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Monday, July 8th. Micron Technology’s dividend payout ratio is -32.39%.

Wall Street Analyst Weigh In

MU has been the subject of a number of research reports. Wolfe Research increased their price objective on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 price objective on shares of Micron Technology in a report on Tuesday, June 25th. Wells Fargo & Company increased their price objective on Micron Technology from $135.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, June 20th. Stifel Nicolaus increased their price objective on Micron Technology from $140.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, June 18th. Finally, Needham & Company LLC increased their price objective on Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Two research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $158.52.

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.