Avalon Global Asset Management LLC Has $15.07 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Avalon Global Asset Management LLC grew its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,560 shares of the semiconductor manufacturer’s stock after buying an additional 500 shares during the quarter. Micron Technology accounts for approximately 3.4% of Avalon Global Asset Management LLC’s investment portfolio, making the stock its 10th biggest holding. Avalon Global Asset Management LLC’s holdings in Micron Technology were worth $15,068,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Tidemark LLC bought a new stake in Micron Technology in the fourth quarter worth about $25,000. DecisionPoint Financial LLC purchased a new position in Micron Technology in the first quarter valued at approximately $25,000. Pingora Partners LLC bought a new position in Micron Technology during the fourth quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in Micron Technology in the second quarter worth $28,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Micron Technology during the 4th quarter worth $29,000. 80.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MU. Raymond James lowered their price objective on Micron Technology from $160.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, September 12th. KeyCorp cut their price objective on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating for the company in a report on Tuesday, August 6th. Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of Micron Technology in a research note on Thursday, June 27th. UBS Group dropped their target price on Micron Technology from $153.00 to $135.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Cantor Fitzgerald lifted their price target on Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $145.65.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.32% of the company’s stock.

Micron Technology Stock Performance

NASDAQ MU opened at $90.90 on Friday. The company has a 50-day simple moving average of $99.81 and a two-hundred day simple moving average of $114.56. Micron Technology, Inc. has a 12-month low of $63.83 and a 12-month high of $157.54. The firm has a market cap of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. 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 earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.14. The company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s quarterly revenue 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, equities analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.51%. Micron Technology’s payout ratio is currently -32.39%.

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.