Chicago Partners Investment Group LLC Buys 7,103 Shares of Micron Technology, Inc. (NASDAQ:MU)

Key Points

• Chicago Partners Investment Group LLC increased its stake in Micron Technology by 75.8%, acquiring an additional 7,103 shares, bringing its total holdings to 16,469 shares valued at approximately $1.36 million.
• Micron Technology reported strong quarterly earnings, with $1.91 EPS and revenue of $9.30 billion, exceeding analysts' expectations, while also announcing a dividend of $0.115 per share.
• Several analysts have raised their price targets for Micron Technology, with a consensus target price of $146.44 and an average rating of "Moderate Buy" based on recent investment assessments.

Chicago Partners Investment Group LLC raised its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 75.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,469 shares of the semiconductor manufacturer's stock after buying an additional 7,103 shares during the period. Chicago Partners Investment Group LLC's holdings in Micron Technology were worth $1,361,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted 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 last quarter. Capital World Investors lifted its position in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. Capital International Investors lifted its position in shares of Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after acquiring an additional 4,375,232 shares during the last quarter. Capital Research Global Investors lifted its holdings in shares of Micron Technology by 139.7% in the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after purchasing an additional 9,489,579 shares in the last quarter. Finally, Northern Trust Corp grew its position in Micron Technology by 13.7% during the fourth quarter. Northern Trust Corp now owns 10,712,056 shares of the semiconductor manufacturer's stock valued at $901,527,000 after purchasing an additional 1,287,063 shares in the last quarter. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Stock Up 2.8%

Shares of MU traded up $3.41 during mid-day trading on Tuesday, hitting $127.13. 14,429,914 shares of the company's stock were exchanged, compared to its average volume of 23,167,854. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $129.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The company has a 50-day simple moving average of $116.46 and a 200 day simple moving average of $98.21. The company has a market cap of $142.28 billion, a PE ratio of 22.91 and a beta of 1.37.

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

Micron Technology Dividend Announcement

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. The ex-dividend date was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.4%. Micron Technology's dividend payout ratio (DPR) is currently 8.29%.

Insiders Place Their Bets

In related news, EVP Sumit Sadana sold 92,638 shares of the company's 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 directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. This represents a 31.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott J. Deboer sold 20,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $110.00, for a total value of $2,200,000.00. Following the transaction, the executive vice president directly owned 186,353 shares in the company, valued at approximately $20,498,830. The trade was a 9.69% 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 worth $34,679,277 over the last quarter. Insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Bank of America lifted their price objective on Micron Technology from $84.00 to $140.00 and gave the company a "neutral" rating in a report on Thursday, June 26th. Wedbush increased their price target on shares of Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Arete Research upgraded shares of Micron Technology to a "strong-buy" rating in a research report on Friday, July 18th. KGI Securities cut shares of Micron Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. Finally, Wells Fargo & Company lifted their price target on shares of Micron Technology from $150.00 to $170.00 and gave the company 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 issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $147.24.

Micron Technology Company 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.