Alta Advisers Ltd Grows Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Alta Advisers Ltd raised its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 59.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,894 shares of the semiconductor manufacturer's stock after buying an additional 2,200 shares during the period. Alta Advisers Ltd's holdings in Micron Technology were worth $512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology in the 1st quarter valued at about $33,000. Curio Wealth LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Hurley Capital LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $37,000. Finally, Roxbury Financial LLC raised its holdings in shares of Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares in the last quarter. 80.84% of the stock is owned by hedge funds and other institutional investors.

Micron Technology Stock Down 1.2%

MU stock opened at $123.25 on Tuesday. The firm's fifty day simple moving average is $99.84 and its 200-day simple moving average is $94.30. The company has a market capitalization of $137.93 billion, a P/E ratio of 22.21 and a beta of 1.28. 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, Inc. has a 12 month low of $61.54 and a 12 month high of $137.13.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate of $1.57 by $0.34. The business 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 period in the prior year, the firm earned $0.62 EPS. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is presently 11.03%.

Analysts Set New Price Targets

Several research analysts recently commented on MU shares. JPMorgan Chase & Co. boosted their price objective 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. Bank of America boosted their price objective on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, June 26th. Wells Fargo & Company boosted their price objective on shares of Micron Technology from $150.00 to $170.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Susquehanna boosted their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a research note on Thursday, June 26th. Finally, Morgan Stanley boosted their price objective on shares of Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average target price of $146.21.

Insider Activity

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the transaction, the director directly owned 24,954 shares in the company, valued at approximately $1,996,320. This represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 5,210 shares of the company's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $121.35, for a total transaction of $632,233.50. Following the transaction, the chief executive officer owned 379,675 shares of the company's stock, valued at $46,073,561.25. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,404 shares of company stock valued at $8,509,167. 0.30% of the stock is currently owned by corporate 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.

Want to see what other hedge funds are holding MU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Micron Technology, Inc. (NASDAQ:MU - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.