Fairtree Asset Management Pty Ltd Acquires New Holdings in Micron Technology, Inc. (NASDAQ:MU)

Fairtree Asset Management Pty Ltd bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, HoldingsChannel reports. The firm bought 6,581 shares of the semiconductor manufacturer’s stock, valued at approximately $554,000.

Several other hedge funds have also recently bought and sold shares of MU. Xcel Wealth Management LLC grew its position in shares of Micron Technology by 1.8% during the 4th quarter. Xcel Wealth Management LLC now owns 6,157 shares of the semiconductor manufacturer’s stock valued at $518,000 after purchasing an additional 108 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its position in Micron Technology by 3.8% during the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,973 shares of the semiconductor manufacturer’s stock worth $250,000 after buying an additional 108 shares in the last quarter. Twin Capital Management Inc. grew its position in Micron Technology by 0.5% during the fourth quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer’s stock worth $1,688,000 after buying an additional 108 shares in the last quarter. Lebenthal Global Advisors LLC increased its stake in Micron Technology by 1.5% in the 4th quarter. Lebenthal Global Advisors LLC now owns 7,474 shares of the semiconductor manufacturer’s stock worth $629,000 after acquiring an additional 114 shares during the last quarter. Finally, Cim Investment Management Inc. raised its holdings in shares of Micron Technology by 0.5% in the 4th quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer’s stock valued at $1,941,000 after acquiring an additional 114 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Micron Technology Stock Up 3.2%

Micron Technology stock opened at $96.38 on Wednesday. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $157.54. The stock has a fifty day moving average of $82.52 and a 200 day moving average of $92.10. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a market cap of $107.71 billion, a PE ratio of 27.78 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.05 billion during the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 38.2% compared to the same quarter last year. As a group, sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.48%. Micron Technology’s payout ratio is presently 11.03%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MU shares. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a report on Wednesday, March 19th. Wedbush restated an “underperform” rating on shares of Micron Technology in a report on Monday, April 28th. Citigroup reduced their target price on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Rosenblatt Securities dropped their target price on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a report on Friday, March 21st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $130.00 target price on shares of Micron Technology in a research note on Friday, March 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and a consensus target price of $126.48.

Insider Transactions at Micron Technology

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