Central Asset Investments & Management Holdings HK Ltd Takes $746,000 Position in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Central Asset Investments & Management Holdings HK Ltd acquired 8,590 shares of Micron Technology, valued at approximately $746,000, making it the firm's 18th largest holding.
• Micron Technology's stock has received multiple price target increases from analysts, with Barclays raising its target from $95 to $140 and KeyCorp from $135 to $160.
• Insider sales included Manish H. Bhatia selling 80,000 shares for approximately $9.85 million, representing a significant 22.53% decrease in ownership.

Central Asset Investments & Management Holdings HK Ltd acquired a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 8,590 shares of the semiconductor manufacturer's stock, valued at approximately $746,000. Micron Technology makes up 1.3% of Central Asset Investments & Management Holdings HK Ltd's holdings, making the stock its 18th largest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MU. Duquesne Family Office LLC bought a new stake in Micron Technology in the 4th quarter worth approximately $34,412,000. Janus Henderson Group PLC lifted its holdings in shares of Micron Technology by 74.6% in the 4th quarter. Janus Henderson Group PLC now owns 2,646,936 shares of the semiconductor manufacturer's stock worth $222,779,000 after acquiring an additional 1,130,680 shares during the last quarter. Mission Wealth Management LP boosted its stake in shares of Micron Technology by 195.2% in the 1st quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock valued at $1,360,000 after purchasing an additional 10,348 shares in the last quarter. Centre Asset Management LLC bought a new position in shares of Micron Technology during the 1st quarter valued at $7,720,000. Finally, ProShare Advisors LLC grew its holdings in shares of Micron Technology by 16.9% during the 4th quarter. ProShare Advisors LLC now owns 1,650,957 shares of the semiconductor manufacturer's stock valued at $138,945,000 after purchasing an additional 238,687 shares during the last quarter. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the sale, the executive vice president owned 186,353 shares in the company, valued at approximately $20,498,830. This represents a 9.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the company's 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 transaction, the executive vice president directly owned 148,167 shares in the company, valued at $18,538,655.04. This represents a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock valued at $34,679,277 over the last three months. Corporate insiders own 0.30% of the company's stock.

Micron Technology Trading Up 3.3%

MU stock traded up $4.03 during mid-day trading on Tuesday, reaching $127.75. 25,954,869 shares of the stock traded hands, compared to its average volume of 22,102,676. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $129.85. The stock has a market capitalization of $142.97 billion, a PE ratio of 23.02 and a beta of 1.37. 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 business has a 50-day moving average price of $116.97 and a two-hundred day moving average price of $98.42.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.34. The firm had revenue of $9.30 billion during 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 quarter in the previous year, the firm posted $0.62 earnings per share. Equities research analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders 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 payout ratio is 8.29%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MU. Robert W. Baird upped their price objective on shares of Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research note on Friday, June 27th. TD Cowen upped their price target on Micron Technology from $125.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Wall Street Zen upgraded Micron Technology from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Barclays upped their target price on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Micron Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $150.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $147.24.

About Micron Technology

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.