Chicago Capital LLC Acquires New Shares in Micron Technology, Inc. $MU

Key Points

• Chicago Capital LLC acquired 2,442 shares of Micron Technology valued at approximately $301,000 during the second quarter, highlighting institutional interest in the semiconductor manufacturer.
• Recent data shows that insiders, including CFO Mark J. Murphy and CEO Sanjay Mehrotra, have sold significant amounts of stock, indicating a decrease in their ownership stakes.
• Micron Technology announced a quarterly dividend of $0.115, with a yield of 0.3%, which will be distributed to shareholders on October 21st.

Chicago Capital LLC purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,442 shares of the semiconductor manufacturer's stock, valued at approximately $301,000.

A number of other hedge funds have also recently made changes to their positions in MU. Nuveen LLC acquired a new stake in Micron Technology during the 1st quarter worth approximately $369,191,000. Vanguard Group Inc. lifted its holdings in shares of Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after purchasing an additional 2,049,163 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Micron Technology by 23.8% during the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock worth $922,467,000 after purchasing an additional 2,038,641 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Micron Technology by 26.3% during the first quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer's stock worth $590,807,000 after purchasing an additional 1,416,174 shares during the period. Finally, Keystone Investors PTE Ltd. acquired a new position in shares of Micron Technology during the first quarter worth $96,253,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Mark J. Murphy sold 34,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the completion of the sale, the chief financial officer directly owned 264,036 shares of the company's stock, valued at approximately $28,864,415.52. This trade represents a 11.41% 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, CEO Sanjay Mehrotra sold 13,798 shares of the firm's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $162.20, for a total value of $2,238,035.60. Following the sale, the chief executive officer directly owned 325,148 shares of the company's stock, valued at approximately $52,739,005.60. This represents a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,456 shares of company stock valued at $10,524,945. Insiders own 0.30% of the company's stock.

Micron Technology Stock Performance

Shares of Micron Technology stock opened at $167.39 on Wednesday. The company has a market cap of $187.33 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 0.36 and a beta of 1.47. The business has a 50 day moving average price of $130.47 and a 200-day moving average price of $109.05. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $170.45. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Shareholders of record on Friday, October 3rd will be paid a $0.115 dividend. The ex-dividend date is Friday, October 3rd. This represents a $0.46 annualized dividend and a yield of 0.3%. Micron Technology's dividend payout ratio (DPR) is 6.06%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Susquehanna lifted their target price on Micron Technology from $160.00 to $200.00 and gave the stock a "positive" rating in a report on Wednesday, September 17th. Zacks Research raised Micron Technology from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Stifel Nicolaus boosted their price target on shares of Micron Technology from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. UBS Group boosted their price target on shares of Micron Technology from $185.00 to $195.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Finally, Citigroup boosted their price target on shares of Micron Technology from $175.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $184.77.

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.

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