Lecap Asset Management Ltd. Takes Position in Micron Technology, Inc. $MU

Lecap Asset Management Ltd. acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,038 shares of the semiconductor manufacturer’s stock, valued at approximately $1,730,000.

Several other hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in Micron Technology by 18.3% in the 4th quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock worth $532,000 after buying an additional 976 shares during the period. Harbor Investment Advisory LLC increased its holdings in Micron Technology by 240.0% in the 1st quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer’s stock worth $37,000 after buying an additional 300 shares during the period. Merit Financial Group LLC increased its holdings in Micron Technology by 22.6% in the 1st quarter. Merit Financial Group LLC now owns 19,475 shares of the semiconductor manufacturer’s stock worth $1,692,000 after buying an additional 3,593 shares during the period. HBW Advisory Services LLC acquired a new position in Micron Technology in the 1st quarter worth approximately $281,000. Finally, Romano Brothers AND Company acquired a new position in Micron Technology in the 1st quarter worth approximately $497,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Up 8.9%

NASDAQ MU opened at $182.15 on Thursday. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $182.39. The company has a market cap of $203.85 billion, a P/E ratio of 24.00, a P/E/G ratio of 0.37 and a beta of 1.56. The business has a fifty day moving average price of $131.92 and a 200 day moving average price of $109.55. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. Micron Technology’s dividend payout ratio (DPR) is presently 6.06%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MU. Wolfe Research increased their price target on shares of Micron Technology from $160.00 to $180.00 and gave the stock an “outperform” rating in a report on Wednesday, September 17th. Wedbush increased their price target on shares of Micron Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, September 24th. KGI Securities upgraded shares of Micron Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 24th. Barclays upped their price objective on Micron Technology from $140.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, September 19th. Finally, Wells Fargo & Company upped their price objective on Micron Technology from $170.00 to $220.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $184.77.

Insiders Place Their Bets

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the sale, the director directly owned 20,146 shares of the company’s stock, valued at approximately $2,330,287.82. This trade represents a 10.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sanjay Mehrotra sold 13,798 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total value of $2,238,035.60. Following the transaction, the chief executive officer owned 325,148 shares of the company’s stock, valued at $52,739,005.60. This trade represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,456 shares of company stock valued at $10,524,945 over the last 90 days. Company insiders own 0.30% of the company’s stock.

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.