Banque Pictet & Cie SA Raises Holdings in Micron Technology, Inc. (NASDAQ:MU)

Banque Pictet & Cie SA grew its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 143.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 284,347 shares of the semiconductor manufacturer's stock after acquiring an additional 167,647 shares during the period. Banque Pictet & Cie SA's holdings in Micron Technology were worth $24,707,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in MU. Sunbeam Capital Management LLC purchased a new stake in shares of Micron Technology in the 4th quarter worth about $26,000. Opal Wealth Advisors LLC bought a new position in Micron Technology in the 1st quarter worth about $33,000. Curio Wealth LLC bought a new position in Micron Technology during the 4th quarter valued at about $34,000. Hurley Capital LLC bought a new position in Micron Technology during the 4th quarter valued at about $37,000. Finally, Roxbury Financial LLC lifted its stake 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 worth $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.

Insider Buying and Selling

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

Analysts Set New Price Targets

MU has been the topic of several recent research reports. Cantor Fitzgerald increased their price objective on shares of Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Needham & Company LLC raised their target price on shares of Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Wells Fargo & Company boosted their price target 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. TD Cowen boosted 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. Finally, Barclays boosted 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $146.21.

Micron Technology Trading Down 1.8%

MU stock traded down $2.18 during midday trading on Wednesday, reaching $122.24. The company's stock had a trading volume of 20,428,033 shares, compared to its average volume of 23,302,784. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The stock has a fifty day simple moving average of $105.34 and a two-hundred day simple moving average of $95.26. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $136.50. The firm has a market capitalization of $136.80 billion, a price-to-earnings ratio of 22.03 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. The business had revenue of $9.30 billion for the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter last year, the firm posted $0.62 earnings per share. On average, equities research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 annualized dividend and a dividend yield of 0.38%. Micron Technology's dividend payout ratio is currently 8.29%.

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.