Fortis Group Advisors LLC Takes $614,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Fortis Group Advisors LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the first quarter, Holdings Channel.com reports. The fund purchased 7,067 shares of the semiconductor manufacturer’s stock, valued at approximately $614,000.

A number of other hedge funds have also recently added to or reduced their stakes in MU. Sunbeam Capital Management LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new stake in Micron Technology during the first quarter worth about $33,000. Roxbury Financial LLC increased its position in shares of Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock valued at $37,000 after acquiring an additional 300 shares during the last quarter. Hurley Capital LLC acquired a new stake in shares of Micron Technology during the fourth quarter valued at about $37,000. Finally, Harbor Investment Advisory LLC boosted its stake in shares of Micron Technology by 240.0% in the first quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer’s stock valued at $37,000 after purchasing an additional 300 shares during the period. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Manish H. Bhatia sold 80,000 shares of the firm’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the sale, the executive vice president directly owned 275,067 shares of the company’s stock, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total transaction of $291,557.12. Following the sale, the director directly owned 22,550 shares of the company’s stock, valued at approximately $2,734,864. The trade was a 9.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 254,446 shares of company stock valued at $31,154,717. Company insiders own 0.30% of the company’s stock.

Micron Technology Trading Down 3.1%

Shares of MU stock opened at $116.43 on Thursday. The firm has a market cap of $130.30 billion, a P/E ratio of 20.98 and a beta of 1.35. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $129.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The firm’s 50-day simple moving average is $110.26 and its 200-day simple moving average is $96.52.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. The firm had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $8.83 billion. During the same period in the previous year, the company posted $0.62 earnings per share. As a group, equities analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th will be paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology’s dividend payout ratio is presently 8.29%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MU. Royal Bank Of Canada set a $125.00 price target on shares of Micron Technology in a research note on Wednesday, March 19th. Raymond James Financial upped their price target on shares of Micron Technology from $120.00 to $150.00 and gave the company an “outperform” rating in a research report on Thursday, June 26th. Citigroup upped their price target on shares of Micron Technology from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday, June 26th. JPMorgan Chase & Co. upped their price objective on shares of Micron Technology from $135.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 26th. Finally, 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 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and an average target price of $146.44.

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.