Nearwater Capital Markets Ltd Invests $37.03 Million in Micron Technology, Inc. (NASDAQ:MU)

Nearwater Capital Markets Ltd purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 440,000 shares of the semiconductor manufacturer’s stock, valued at approximately $37,030,000. Micron Technology comprises approximately 1.1% of Nearwater Capital Markets Ltd’s portfolio, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MU. Brookstone Capital Management increased its stake in shares of Micron Technology by 8.8% in the 4th quarter. Brookstone Capital Management now owns 11,921 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after buying an additional 961 shares during the period. Capital Investment Advisors LLC increased its position in Micron Technology by 7.5% in the fourth quarter. Capital Investment Advisors LLC now owns 6,317 shares of the semiconductor manufacturer’s stock worth $532,000 after purchasing an additional 439 shares during the period. CHICAGO TRUST Co NA raised its holdings in Micron Technology by 59.5% during the 4th quarter. CHICAGO TRUST Co NA now owns 7,201 shares of the semiconductor manufacturer’s stock worth $606,000 after purchasing an additional 2,687 shares during the last quarter. Wedmont Private Capital raised its holdings in Micron Technology by 3.7% during the 4th quarter. Wedmont Private Capital now owns 13,369 shares of the semiconductor manufacturer’s stock worth $1,125,000 after purchasing an additional 482 shares during the last quarter. Finally, Cooper Financial Group lifted its position in Micron Technology by 8.8% during the 4th quarter. Cooper Financial Group now owns 12,553 shares of the semiconductor manufacturer’s stock valued at $1,056,000 after purchasing an additional 1,020 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MU. Wedbush reissued an “underperform” rating on shares of Micron Technology in a research note on Monday, April 28th. Wells Fargo & Company reiterated an “equal weight” rating on shares of Micron Technology in a report on Monday, April 28th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Micron Technology in a research note on Friday, March 21st. Barclays decreased their price target on Micron Technology from $115.00 to $95.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Finally, Robert W. Baird raised their target price on shares of Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Micron Technology presently has an average rating of “Moderate Buy” and a consensus target price of $126.48.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This trade represents a 8.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,808 shares of company stock worth $1,858,424. Insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Shares of NASDAQ MU opened at $96.93 on Wednesday. The business has a fifty day moving average price of $82.74 and a two-hundred day moving average price of $92.81. The stock has a market capitalization of $108.33 billion, a PE ratio of 27.93 and a beta of 1.21. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. Micron Technology’s revenue was up 38.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.42 earnings per share. As a group, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Monday, March 31st. Micron Technology’s dividend payout ratio is presently 11.03%.

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.