Fortitude Advisory Group L.L.C. Acquires 3,611 Shares of Micron Technology, Inc. $MU

Key Points

• Fortitude Advisory Group L.L.C. has increased its stake in Micron Technology by 109.3%, acquiring an additional 3,611 shares, bringing its total holdings to 6,915 shares valued at approximately $852,000.
• CEO Sanjay Mehrotra recently sold 15,000 shares for around $2.71 million, representing a 4.61% decrease in his ownership.
• Micron Technology has announced a quarterly dividend of $0.115 per share, with a dividend yield of 0.2%, payable on October 21st to shareholders of record as of October 3rd.

Fortitude Advisory Group L.L.C. increased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 109.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,915 shares of the semiconductor manufacturer's stock after purchasing an additional 3,611 shares during the quarter. Fortitude Advisory Group L.L.C.'s holdings in Micron Technology were worth $852,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MU. Opal Wealth Advisors LLC bought a new position in Micron Technology in the first quarter worth approximately $33,000. AllSquare Wealth Management LLC grew its stake in Micron Technology by 100.0% in the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in Micron Technology in the first quarter worth approximately $36,000. Hilltop National Bank bought a new position in Micron Technology in the second quarter worth approximately $37,000. Finally, Saudi Central Bank bought a new position in Micron Technology in the first quarter worth approximately $38,000. Institutional investors own 80.84% of the company's stock.

Insider Buying and Selling

In other news, CEO Sanjay Mehrotra sold 15,000 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 310,148 shares of the company's stock, valued at approximately $56,093,367.28. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the sale, the director directly owned 20,146 shares of the company's stock, valued at $2,330,287.82. The trade was a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,456 shares of company stock valued at $15,698,445 over the last ninety days. Company insiders own 0.30% of the company's stock.

Micron Technology Stock Performance

NASDAQ MU opened at $187.83 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.52 and a quick ratio of 1.79. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $191.85. The company has a market capitalization of $210.20 billion, a PE ratio of 24.75, a P/E/G ratio of 0.41 and a beta of 1.56. The company has a fifty day moving average of $134.89 and a two-hundred day moving average of $110.76.

Micron Technology Announces Dividend

The business 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. This represents a $0.46 annualized dividend and a yield of 0.2%. The ex-dividend date is Friday, October 3rd. Micron Technology's dividend payout ratio is currently 6.06%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Micron Technology from $170.00 to $220.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 24th. Wall Street Zen cut Micron Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Raymond James Financial increased their price objective on Micron Technology from $150.00 to $190.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 24th. Deutsche Bank Aktiengesellschaft increased their target price on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Finally, UBS Group increased their target price on Micron Technology from $185.00 to $195.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $184.77.

Micron Technology 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.

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