CenterBook Partners LP Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

CenterBook Partners LP bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 25,785 shares of the semiconductor manufacturer's stock, valued at approximately $2,240,000.

A number of other institutional investors also recently made changes to their positions in MU. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology in the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new stake in Micron Technology in the first quarter worth about $33,000. AllSquare Wealth Management LLC increased its stake 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 during the period. MJT & Associates Financial Advisory Group Inc. bought a new stake in shares of Micron Technology in the 1st quarter worth $36,000. Finally, Roxbury Financial LLC lifted its holdings in 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 acquiring an additional 300 shares during the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Trading Down 0.3%

MU opened at $108.78 on Thursday. The firm's fifty day simple moving average is $115.16 and its 200 day simple moving average is $98.09. The stock has a market capitalization of $121.74 billion, a P/E ratio of 19.60 and a beta of 1.37. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping 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 company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same period last year, the business earned $0.62 EPS. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

Insiders Place Their Bets

In related news, EVP Sumit Sadana sold 92,638 shares of the stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the sale, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. This represents a 31.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark J. Murphy sold 34,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the transaction, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. This represents a 11.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock worth $34,679,277 in the last three months. Insiders own 0.30% of the company's stock.

Analyst Ratings Changes

MU has been the subject of a number of research analyst reports. Robert W. Baird increased their target price on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a report on Friday, June 27th. Susquehanna upped their price objective on shares of Micron Technology from $150.00 to $160.00 and gave the stock a "positive" rating in a report on Thursday, June 26th. 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. Piper Sandler lifted their price objective on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Finally, Cantor Fitzgerald lifted their price target on Micron Technology from $145.00 to $155.00 and gave the stock an "overweight" rating in a research report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $146.44.

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.

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