SpiderRock Advisors LLC Raises Holdings in Micron Technology, Inc. (NASDAQ:MU)

SpiderRock Advisors LLC grew its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 14.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 22,966 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,844 shares during the quarter. SpiderRock Advisors LLC’s holdings in Micron Technology were worth $2,382,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. PFG Advisors purchased a new position in shares of Micron Technology during the first quarter worth about $282,000. KCM Investment Advisors LLC purchased a new position in shares of Micron Technology during the first quarter worth about $252,000. Atomi Financial Group Inc. grew its holdings in shares of Micron Technology by 17.8% during the first quarter. Atomi Financial Group Inc. now owns 6,093 shares of the semiconductor manufacturer’s stock worth $718,000 after buying an additional 920 shares during the last quarter. Keudell Morrison Wealth Management purchased a new position in shares of Micron Technology during the first quarter worth about $227,000. Finally, Stonebrook Private Inc. purchased a new position in shares of Micron Technology during the first quarter worth about $260,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Micron Technology Stock Down 1.3 %

Shares of NASDAQ MU opened at $111.90 on Friday. Micron Technology, Inc. has a 52-week low of $72.93 and a 52-week high of $157.54. The firm has a fifty day moving average of $100.16 and a 200-day moving average of $113.12. The stock has a market capitalization of $124.07 billion, a PE ratio of 164.56 and a beta of 1.18. The company has a quick ratio of 1.68, a current ratio of 2.64 and a debt-to-equity ratio of 0.29.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.21. Micron Technology had a net margin of 3.10% and a return on equity of 1.58%. The company had revenue of $7.75 billion during the quarter, compared to analysts’ expectations of $7.65 billion. During the same period in the previous year, the company earned ($1.21) EPS. The business’s quarterly revenue was up 93.3% compared to the same quarter last year. On average, analysts anticipate that Micron Technology, Inc. will post 8.31 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were paid a dividend of $0.115 per share. The ex-dividend date was Monday, October 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. Micron Technology’s dividend payout ratio is presently 67.65%.

Insider Activity

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of analyst reports. Citigroup lowered their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. China Renaissance initiated coverage on Micron Technology in a report on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective on the stock. Rosenblatt Securities lifted their price objective on Micron Technology from $225.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley lifted their price target on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Finally, Wells Fargo & Company reduced their price target on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating for the company in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $143.04.

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.