Corundum Group Inc. Invests $232,000 in Micron Technology, Inc. $MU

Key Points

• Corundum Group Inc. made a new investment in Micron Technology, Inc., purchasing 1,882 shares valued at approximately $232,000 during the second quarter.
• CEO Sanjay Mehrotra sold 15,000 shares of the company at an average price of $180.86, reducing his ownership by 4.61%, while other insiders also engaged in selling transactions.
• Recent upgrades from brokerages, including a boost in target prices, point to a positive outlook for Micron, with an average price target of $184.77 and several analysts rating the stock as a "Strong Buy."

Corundum Group Inc. purchased a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,882 shares of the semiconductor manufacturer's stock, valued at approximately $232,000.

Other hedge funds have also recently made changes to their positions in the company. Mission Wealth Management LP raised its holdings in Micron Technology by 195.2% in the 1st quarter. Mission Wealth Management LP now owns 15,650 shares of the semiconductor manufacturer's stock worth $1,360,000 after acquiring an additional 10,348 shares during the last quarter. TB Alternative Assets Ltd. raised its stake in Micron Technology by 331.3% during the 1st quarter. TB Alternative Assets Ltd. now owns 79,788 shares of the semiconductor manufacturer's stock valued at $6,933,000 after buying an additional 61,288 shares during the last quarter. Stock Yards Bank & Trust Co. purchased a new stake in Micron Technology during the 1st quarter valued at $228,000. Clarius Group LLC raised its stake in Micron Technology by 57.9% during the 1st quarter. Clarius Group LLC now owns 14,238 shares of the semiconductor manufacturer's stock valued at $1,237,000 after buying an additional 5,220 shares during the last quarter. Finally, Kera Capital Partners Inc. purchased a new stake in Micron Technology during the 2nd quarter valued at $211,000. 80.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Sanjay Mehrotra sold 15,000 shares of the company's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total value of $2,712,900.00. Following the completion of the transaction, the chief executive officer owned 310,148 shares of the company's stock, valued at approximately $56,093,367.28. This represents a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the transaction, the director directly owned 20,146 shares of the company's stock, valued at $2,330,287.82. This represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,456 shares of company stock worth $15,698,445 in the last three months. Corporate insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MU. KGI Securities upgraded shares of Micron Technology from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 24th. Morgan Stanley boosted their target price on shares of Micron Technology from $135.00 to $160.00 and gave the company an "equal weight" rating in a research note on Monday, September 22nd. Robert W. Baird boosted their target price 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. Bank of America boosted their target price on shares of Micron Technology from $140.00 to $180.00 and gave the company a "neutral" rating in a research note on Wednesday, September 24th. Finally, Wedbush upped their price objective on Micron Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note 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 five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $184.77.

Micron Technology Trading Up 2.2%

Shares of Micron Technology stock opened at $187.83 on Friday. The company has a market capitalization of $210.20 billion, a P/E ratio of 24.75, a P/E/G ratio of 0.40 and a beta of 1.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The company has a fifty day moving average of $134.89 and a 200 day moving average of $110.70. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $191.85.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be issued a $0.115 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a yield of 0.2%. Micron Technology's dividend payout ratio is currently 6.06%.

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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