Beta Wealth Group Inc. Grows Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Beta Wealth Group Inc. increased its stake in shares of Micron Technology, Inc. (NASDAQ:MU) by 8.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,703 shares of the semiconductor manufacturer’s stock after purchasing an additional 500 shares during the period. Beta Wealth Group Inc.’s holdings in Micron Technology were worth $582,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Sunbeam Capital Management LLC bought a new position in shares of Micron Technology in the fourth quarter worth approximately $26,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology in the first quarter worth approximately $33,000. AllSquare Wealth Management LLC boosted its position in shares of Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock worth $35,000 after purchasing an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Micron Technology in the first quarter worth approximately $36,000. Finally, Hurley Capital LLC bought a new position in shares of Micron Technology in the fourth quarter worth approximately $37,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Trading Down 3.9%

MU stock opened at $104.88 on Friday. The company has a market capitalization of $117.37 billion, a PE ratio of 18.90 and a beta of 1.37. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85. The firm’s 50-day moving average is $114.36 and its 200 day moving average is $97.95. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, topping the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same quarter last year, the firm posted $0.62 EPS. On average, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology’s dividend payout ratio (DPR) is currently 8.29%.

Analyst Ratings Changes

MU has been the subject of a number of research reports. Wall Street Zen upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Raymond James Financial upped their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock an “outperform” rating in a research report on Thursday, June 26th. KeyCorp upped their target price on shares of Micron Technology from $135.00 to $160.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. The Goldman Sachs Group initiated coverage on shares of Micron Technology in a research report on Thursday, July 10th. They set a “neutral” rating and a $130.00 target price for the company. Finally, Piper Sandler upped their target price on shares of Micron Technology from $120.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Micron Technology has a consensus rating of “Moderate Buy” and a consensus target price of $146.44.

Insider Buying and Selling

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares of the company’s stock, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Sumit Sadana sold 92,638 shares of the firm’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the transaction, the executive vice president directly owned 201,326 shares in the company, valued at $25,264,399.74. This trade represents a 31.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 286,042 shares of company stock worth $34,679,277 over the last ninety days. 0.30% of the stock is owned by insiders.

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.