Harvey Capital Management Inc. Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Harvey Capital Management Inc. purchased a new stake in Micron Technology, Inc. (NASDAQ:MU) in the 4th quarter, Holdings Channel reports. The firm purchased 24,360 shares of the semiconductor manufacturer’s stock, valued at approximately $2,050,000.

Several other hedge funds have also added to or reduced their stakes in the business. Highline Wealth Partners LLC acquired a new stake in shares of Micron Technology in the 3rd quarter valued at about $26,000. Stone House Investment Management LLC grew its holdings in shares of Micron Technology by 602.2% during the third quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $34,000 after buying an additional 277 shares in the last quarter. True Wealth Design LLC raised its position in Micron Technology by 1,096.3% in the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 296 shares during the last quarter. DT Investment Partners LLC lifted its stake in Micron Technology by 261.1% in the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 235 shares in the last quarter. Finally, Darwin Wealth Management LLC acquired a new position in Micron Technology during the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Price Performance

Micron Technology stock opened at $94.08 on Wednesday. The company has a market capitalization of $104.82 billion, a price-to-earnings ratio of 27.11 and a beta of 1.18. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 12 month low of $79.15 and a 12 month high of $157.54. The stock’s 50 day moving average is $96.47 and its 200-day moving average is $98.77.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.71 billion. During the same period in the prior year, the firm posted ($0.95) EPS. The company’s revenue for the quarter was up 84.3% on a year-over-year basis. Equities research analysts expect that Micron Technology, Inc. will post 6.29 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.49%. The ex-dividend date was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is 13.26%.

Insider Buying and Selling at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the completion of the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. The trade was a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MU. Cantor Fitzgerald lowered their price objective on shares of Micron Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Piper Sandler lowered their price target on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Morgan Stanley reduced their price objective on shares of Micron Technology from $98.00 to $91.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Bank of America downgraded Micron Technology from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, Wedbush reissued an “outperform” rating and set a $140.00 price target on shares of Micron Technology in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average price target of $134.96.

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.