Fortis Group Advisors LLC Buys New Shares in Micron Technology, Inc. (NASDAQ:MU)

Fortis Group Advisors LLC bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 7,067 shares of the semiconductor manufacturer's stock, valued at approximately $614,000.

Several other hedge funds have also recently added to or reduced their stakes in MU. Sunbeam Capital Management LLC acquired a new position in shares of Micron Technology during the fourth quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology during the first quarter worth about $33,000. Hurley Capital LLC acquired a new position in Micron Technology during the fourth quarter valued at approximately $37,000. Roxbury Financial LLC boosted its position in Micron Technology by 306.1% during the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares during the last quarter. Finally, Harbor Investment Advisory LLC boosted its position in Micron Technology by 240.0% during the first quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer's stock valued at $37,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Insiders Place Their Bets

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total value of $291,557.12. Following the transaction, the director owned 22,550 shares in the company, valued at $2,734,864. The trade was a 9.63% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sumit Sadana sold 92,638 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the transaction, the executive vice president owned 201,326 shares in the company, valued at approximately $25,264,399.74. The trade was a 31.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 254,446 shares of company stock worth $31,154,717 over the last three months. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on MU shares. Cantor Fitzgerald increased their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Needham & Company LLC increased their price target on Micron Technology from $120.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Barclays upped their price objective on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Susquehanna upped their price objective on Micron Technology from $150.00 to $160.00 and gave the company a "positive" rating in a research note on Thursday, June 26th. Finally, Morgan Stanley upped their price objective on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Micron Technology presently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Price Performance

Shares of MU stock traded down $3.17 during trading hours on Thursday, reaching $113.26. The company's stock had a trading volume of 34,575,389 shares, compared to its average volume of 23,355,946. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The company has a market capitalization of $126.75 billion, a price-to-earnings ratio of 20.41 and a beta of 1.35. The firm's 50 day simple moving average is $110.26 and its 200-day simple moving average is $96.52.

Micron Technology (NASDAQ:MU - Get Free Report) last announced 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. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same period in the previous year, the business earned $0.62 EPS. Sell-side analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's payout ratio is 8.29%.

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.