5,500 Shares in Micron Technology, Inc. (NASDAQ:MU) Acquired by K2 Principal Fund L.P.

K2 Principal Fund L.P. acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 5,500 shares of the semiconductor manufacturer’s stock, valued at approximately $723,000.

Several other hedge funds have also added to or reduced their stakes in the stock. DecisionPoint Financial LLC purchased a new position in shares of Micron Technology in the 1st quarter worth $25,000. Pingora Partners LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new stake in Micron Technology in the 2nd quarter worth $28,000. Frank Rimerman Advisors LLC purchased a new position in Micron Technology during the 4th quarter valued at approximately $29,000. Finally, Valued Wealth Advisors LLC increased its position in Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Activity

In other Micron Technology news, 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 transaction of $664,355.40. Following the sale, the executive vice president now owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

NASDAQ MU opened at $93.57 on Tuesday. The firm’s fifty day simple moving average is $99.06 and its two-hundred day simple moving average is $114.79. The firm has a market capitalization of $103.75 billion, a P/E ratio of -65.89 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. Micron Technology, Inc. has a 12-month low of $63.83 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings data 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. Micron Technology had a negative net margin of 7.20% and a negative return on equity of 4.01%. The firm had revenue of $6.81 billion for the quarter, compared to analyst estimates of $6.67 billion. During the same period in the previous year, the company earned ($1.57) earnings per share. The business’s quarterly revenue was up 81.5% compared to the same quarter last year. Analysts forecast that Micron Technology, Inc. will post 0.61 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were given a dividend of $0.115 per share. The ex-dividend date was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.49%. Micron Technology’s dividend payout ratio (DPR) is -32.39%.

Wall Street Analyst Weigh In

MU has been the topic of several analyst reports. Wolfe Research boosted their price objective on Micron Technology from $150.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. Cantor Fitzgerald raised their target price on shares of Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Monday, June 17th. Bank of America upped their price target on shares of Micron Technology from $144.00 to $170.00 and gave the company a “buy” rating in a report on Monday, June 17th. Wedbush reissued an “outperform” rating and issued a $170.00 price objective on shares of Micron Technology in a research note on Thursday, June 27th. Finally, Stifel Nicolaus reduced their price target on Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $145.65.

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.