Clearline Capital LP Invests $26.39 Million in Micron Technology, Inc. (NASDAQ:MU)

Clearline Capital LP purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 313,553 shares of the semiconductor manufacturer's stock, valued at approximately $26,389,000. Micron Technology accounts for 3.5% of Clearline Capital LP's portfolio, making the stock its 7th largest holding.

Other hedge funds have also recently made changes to their positions in the company. Beacon Capital Management LLC boosted its position in shares of Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares in the last quarter. Midwest Capital Advisors LLC acquired a new position in Micron Technology during the 4th quarter worth approximately $33,000. Activest Wealth Management grew its stake in Micron Technology by 583.3% in the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 350 shares during the period. Comprehensive Financial Planning Inc. PA acquired a new stake in Micron Technology in the fourth quarter valued at approximately $34,000. Finally, Curio Wealth LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $34,000. 80.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

MU has been the subject of several recent research reports. Citigroup decreased their target price on shares of Micron Technology from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Royal Bank of Canada set a $125.00 target price on Micron Technology in a research report on Wednesday, March 19th. China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target for the company. in a research report on Wednesday, March 26th. Robert W. Baird lifted their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a report on Friday, March 21st. Finally, KGI Securities upgraded shares of Micron Technology to a "strong-buy" rating in a research note on Friday, February 21st. Two analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $126.48.

Micron Technology Price Performance

MU stock traded up $0.71 during mid-day trading on Friday, reaching $85.86. 13,006,441 shares of the company traded hands, compared to its average volume of 23,288,211. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $157.54. The company has a market capitalization of $95.95 billion, a P/E ratio of 24.74 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. The company has a fifty day moving average price of $82.62 and a 200-day moving average price of $93.07.

Micron Technology (NASDAQ:MU - Get Free Report) last announced 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. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The business's quarterly revenue was up 38.2% compared to the same quarter last year. During the same period last year, the firm earned $0.42 EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.54%. Micron Technology's payout ratio is presently 11.03%.

Insiders Place Their Bets

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $80.00, for a total transaction of $192,320.00. Following the transaction, the director now directly owns 24,954 shares of the company's stock, valued at approximately $1,996,320. This trade represents a 8.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,808 shares of company stock valued at $1,858,424 in the last quarter. Corporate insiders own 0.30% of the company's stock.

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.