AM Investment Strategies LLC Invests $552,000 in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• AM Investment Strategies LLC purchased 6,354 shares of Micron Technology, valued at approximately $552,000, increasing the institutional ownership to 80.84%.
• Micron recently received multiple upgrades from research firms, with Citigroup and Cantor Fitzgerald raising their price targets significantly, now ranging from $130 to $155.
• The company reported strong quarterly earnings with $1.91 earnings per share and $9.30 billion in revenue, exceeding analyst expectations.

AM Investment Strategies LLC acquired 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 disclosure with the SEC. The firm acquired 6,354 shares of the semiconductor manufacturer's stock, valued at approximately $552,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MU. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Opal Wealth Advisors LLC bought a new stake in shares of Micron Technology during the first quarter valued at approximately $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 in the last quarter. AllSquare Wealth Management LLC increased its position in shares of Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after acquiring an additional 200 shares in the last quarter. Finally, Hurley Capital LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $37,000. Institutional investors own 80.84% of the company's stock.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of research reports. Raymond James Financial raised their price target on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. TD Cowen lifted their price target on shares of Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. JPMorgan Chase & Co. lifted their price target 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. KeyCorp lifted their price target on shares of Micron Technology from $135.00 to $160.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Finally, Barclays lifted their price target on shares of Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Trading Down 0.4%

Shares of Micron Technology stock traded down $0.47 during trading on Friday, hitting $111.26. The stock had a trading volume of 16,240,251 shares, compared to its average volume of 22,703,478. The stock has a 50 day simple moving average of $112.94 and a 200 day simple moving average of $97.56. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. The company has a market capitalization of $124.51 billion, a PE ratio of 20.05 and a beta of 1.35. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $8.83 billion. During the same period in the prior year, the company earned $0.62 EPS. On average, research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology's dividend payout ratio is 8.29%.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $121.28, for a total value of $291,557.12. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Steven J. Gomo sold 7,000 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $125.15, for a total transaction of $876,050.00. Following the sale, the director directly owned 22,762 shares of the company's stock, valued at $2,848,664.30. This represents a 23.52% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 288,446 shares of company stock worth $34,871,597. Corporate 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.