Harmony Asset Management LLC Acquires 1,941 Shares of Micron Technology, Inc. (NASDAQ:MU)

Harmony Asset Management LLC lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 40.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,769 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,941 shares during the period. Harmony Asset Management LLC’s holdings in Micron Technology were worth $890,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd grew its position in Micron Technology by 1.4% in the second quarter. Altshuler Shaham Ltd now owns 1,142,226 shares of the semiconductor manufacturer’s stock valued at $150,237,000 after acquiring an additional 15,577 shares during the period. Gladstone Capital Management LLP bought a new stake in Micron Technology during the 2nd quarter worth about $33,737,000. EverSource Wealth Advisors LLC raised its stake in shares of Micron Technology by 45.2% in the second quarter. EverSource Wealth Advisors LLC now owns 6,512 shares of the semiconductor manufacturer’s stock worth $857,000 after acquiring an additional 2,027 shares during the last quarter. Gabelli Funds LLC boosted its position in Micron Technology by 1.8% in the 2nd quarter. Gabelli Funds LLC now owns 22,705 shares of the semiconductor manufacturer’s stock valued at $2,986,000 after buying an additional 405 shares during the last quarter. Finally, Deepwater Asset Management LLC lifted its stake in shares of Micron Technology by 620.3% during the second quarter. Deepwater Asset Management LLC now owns 103,304 shares of the semiconductor manufacturer’s stock valued at $13,588,000 after acquiring an additional 88,962 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MU has been the topic of several analyst reports. Needham & Company LLC cut their target price on Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $225.00 price objective on shares of Micron Technology in a research report on Tuesday, June 25th. Bank of America lifted their price objective on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, June 17th. Citigroup reduced their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Finally, Wedbush reissued an “outperform” rating and set a $170.00 price target on shares of Micron Technology in a report on Thursday, June 27th. One 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’s stock. Based on data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.65.

Micron Technology Price Performance

Shares of MU stock opened at $90.90 on Monday. 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 has a market capitalization of $100.79 billion, a price-to-earnings ratio of -64.01 and a beta of 1.17. The stock has a fifty day simple moving average of $99.81 and a two-hundred day simple moving average of $114.83. Micron Technology, Inc. has a twelve month low of $63.83 and a twelve month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm 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%. Micron Technology’s revenue was up 81.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.57) EPS. On average, analysts predict that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total value of $664,355.40. Following the completion of the sale, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.32% of the company’s stock.

About Micron Technology

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.