Range Financial Group LLC Buys New Stake in Micron Technology, Inc. (NASDAQ:MU)

Range Financial Group LLC bought a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,662 shares of the semiconductor manufacturer’s stock, valued at approximately $350,000.

Several other institutional investors have also recently added to or reduced their stakes in MU. Clearbridge Investments LLC boosted its position in Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock valued at $227,741,000 after buying an additional 20,741 shares during the period. Chapin Davis Inc. purchased a new stake in shares of Micron Technology during the 2nd quarter worth $4,056,000. Norden Group LLC lifted its position in shares of Micron Technology by 1,916.7% during the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock worth $5,910,000 after purchasing an additional 47,648 shares during the last quarter. TCW Group Inc. lifted its position in shares of Micron Technology by 5.7% during the 4th quarter. TCW Group Inc. now owns 531,637 shares of the semiconductor manufacturer’s stock worth $45,383,000 after purchasing an additional 28,649 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its position in shares of Micron Technology by 6.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after purchasing an additional 5,958 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

NASDAQ MU traded down $0.56 on Thursday, hitting $88.73. The stock had a trading volume of 1,204,157 shares, compared to its average volume of 21,239,295. The company’s 50-day moving average is $110.48 and its two-hundred day moving average is $114.69. The stock has a market cap of $98.39 billion, a price-to-earnings ratio of -62.88 and a beta of 1.18. Micron Technology, Inc. has a one year low of $63.83 and a one year 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 quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The business’s revenue for the quarter was up 81.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.57) EPS. On average, analysts expect that Micron Technology, Inc. will post 0.58 earnings per share for the current 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 $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Analyst Upgrades and Downgrades

MU has been the subject of a number of research reports. Rosenblatt Securities reissued a “buy” rating and issued a $225.00 price target on shares of Micron Technology in a research report on Tuesday, June 25th. JPMorgan Chase & Co. boosted their price target on shares of Micron Technology from $130.00 to $180.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Raymond James lifted their price objective on shares of Micron Technology from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Friday, June 21st. 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. Finally, Barclays lifted their price target on shares of Micron Technology from $120.00 to $145.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Two equities research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $157.12.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $19,335,731.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sanjay Mehrotra sold 34,284 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The disclosure for this sale can be found here. In the last three months, insiders sold 46,174 shares of company stock valued at $6,827,113. Company insiders own 0.32% of the company’s stock.

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.