Summit Trail Advisors LLC Increases Stake in Micron Technology, Inc. (NASDAQ:MU)

Summit Trail Advisors LLC boosted its stake in Micron Technology, Inc. (NASDAQ:MU) by 40.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,089 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,318 shares during the quarter. Summit Trail Advisors LLC’s holdings in Micron Technology were worth $1,985,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of MU. Clearbridge Investments LLC raised its holdings in shares of Micron Technology by 1.1% in the 1st quarter. Clearbridge Investments LLC now owns 1,931,811 shares of the semiconductor manufacturer’s stock worth $227,741,000 after purchasing an additional 20,741 shares during the period. Chapin Davis Inc. purchased a new position in Micron Technology in the second quarter valued at approximately $4,056,000. Norden Group LLC lifted its position in Micron Technology by 1,916.7% during the first quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer’s stock valued at $5,910,000 after buying an additional 47,648 shares in the last quarter. Gulf International Bank UK Ltd grew its stake in Micron Technology by 6.3% during the first quarter. Gulf International Bank UK Ltd now owns 99,839 shares of the semiconductor manufacturer’s stock worth $11,770,000 after buying an additional 5,958 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new stake in shares of Micron Technology in the first quarter worth $8,558,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a report on Wednesday. Raymond James reduced 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. Wedbush reiterated an “outperform” rating and issued a $170.00 target price on shares of Micron Technology in a research note on Thursday, June 27th. 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 research report on Thursday. Finally, TD Cowen lowered their price objective on shares of Micron Technology from $160.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $145.65.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of the business’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 in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal 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

Micron Technology stock opened at $90.90 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.41 and a quick ratio of 2.16. Micron Technology, Inc. has a 12 month low of $63.83 and a 12 month high of $157.54. The company has a fifty day moving average price of $99.81 and a two-hundred day moving average price of $114.70. The company has a market cap of $100.79 billion, a PE ratio of -64.01 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating the consensus estimate 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 business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. During the same period in the previous year, the business posted ($1.57) EPS. The company’s quarterly revenue was up 81.5% on a year-over-year basis. Research analysts expect that Micron Technology, Inc. will post 0.61 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

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.