Johnson Investment Counsel Inc. Purchases 1,228 Shares of Micron Technology, Inc. (NASDAQ:MU)

Johnson Investment Counsel Inc. raised its position in Micron Technology, Inc. (NASDAQ:MU) by 21.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,059 shares of the semiconductor manufacturer’s stock after buying an additional 1,228 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Micron Technology were worth $928,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Micron Technology during the 4th quarter worth $769,372,000. Price T Rowe Associates Inc. MD grew its position in Micron Technology by 22.2% in the first 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 acquiring an additional 3,315,988 shares during the last quarter. Capital International Investors raised its stake 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 acquiring an additional 2,397,885 shares in the last quarter. Swedbank AB lifted its holdings 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 worth $348,447,000 after acquiring an additional 2,187,460 shares during the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Micron Technology by 301,500.0% in 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 acquiring an additional 1,809,000 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on MU. BNP Paribas downgraded Micron Technology from an “outperform” rating to an “underperform” rating and dropped their target price for the company from $140.00 to $67.00 in a research report on Thursday. Raymond James cut their target price on shares of Micron Technology from $160.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday. Cantor Fitzgerald upped their price target on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Needham & Company LLC dropped their price target on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Citigroup boosted their price objective on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note 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 given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $152.31.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the transaction, the executive vice president now directly owns 142,321 shares in the company, valued at $19,335,731.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Sanjay Mehrotra sold 34,284 shares of the company’s stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total value of $5,220,767.52. Following the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $109,496,781.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction 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 sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.

Micron Technology Stock Up 4.6 %

MU stock opened at $91.22 on Friday. The stock has a market cap of $101.15 billion, a P/E ratio of -64.24 and a beta of 1.17. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The stock’s fifty day simple moving average is $104.18 and its two-hundred day simple moving average is $114.69. Micron Technology, Inc. has a 1-year low of $63.83 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The company’s quarterly revenue was up 81.5% on a year-over-year basis. During the same period in the previous year, the company earned ($1.57) earnings per share. Analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s payout ratio is currently -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.