1ST Source Bank Invests $204,000 in Micron Technology, Inc. (NASDAQ:MU)

1ST Source Bank purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 2,343 shares of the semiconductor manufacturer's stock, valued at approximately $204,000.

Other institutional investors have also recently bought and sold shares of the company. 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 valued at $1,688,000 after acquiring an additional 108 shares during the last quarter. Cim Investment Management Inc. lifted 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 worth $1,941,000 after acquiring an additional 114 shares during the last quarter. Hazlett Burt & Watson Inc. boosted its stake in shares of Micron Technology by 1.1% in the 4th quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer's stock valued at $883,000 after purchasing an additional 119 shares in the last quarter. FineMark National Bank & Trust grew its holdings in shares of Micron Technology by 3.9% during the 4th quarter. FineMark National Bank & Trust now owns 3,640 shares of the semiconductor manufacturer's stock valued at $306,000 after purchasing an additional 136 shares during the last quarter. Finally, Carson Advisory Inc. grew its holdings in shares of Micron Technology by 1.6% during the 4th quarter. Carson Advisory Inc. now owns 8,592 shares of the semiconductor manufacturer's stock valued at $723,000 after purchasing an additional 139 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Activity at Micron Technology

In other news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the transaction, the executive vice president owned 148,167 shares of the company's stock, valued at $18,538,655.04. This trade represents a 9.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.15, for a total value of $876,050.00. Following the transaction, the director owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This trade represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 254,446 shares of company stock valued at $31,154,717 in the last three months. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Morgan Stanley lifted their price target on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. lifted their target price on shares of Micron Technology from $135.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Rosenblatt Securities increased their price target on shares of Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. KeyCorp raised their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a report on Thursday, June 26th. Finally, Bank of America upped their price objective on shares of Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $146.44.

Micron Technology Stock Up 1.0%

NASDAQ MU traded up $1.13 during mid-day trading on Friday, reaching $114.39. The stock had a trading volume of 19,315,466 shares, compared to its average volume of 23,336,961. The stock has a market cap of $128.02 billion, a PE ratio of 20.61 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 company has a fifty day moving average price of $111.39 and a 200 day moving average price of $97.01.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) 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 the consensus estimate of $8.83 billion. During the same quarter last year, the firm posted $0.62 EPS. On average, research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

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

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.