Grimes & Company Inc. Buys 166,305 Shares of Micron Technology, Inc. (NASDAQ:MU)

Grimes & Company Inc. lifted its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 5,335.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,422 shares of the semiconductor manufacturer's stock after purchasing an additional 166,305 shares during the period. Grimes & Company Inc.'s holdings in Micron Technology were worth $14,721,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MU. Sunbeam Capital Management LLC acquired a new stake in Micron Technology during the 4th quarter worth $26,000. Beacon Capital Management LLC grew its holdings in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after acquiring an additional 200 shares during the period. Midwest Capital Advisors LLC acquired a new stake in Micron Technology during the 4th quarter worth $33,000. Opal Wealth Advisors LLC acquired a new stake in Micron Technology during the 1st quarter worth $33,000. Finally, Curio Wealth LLC acquired a new stake in Micron Technology during the 4th quarter worth $34,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MU shares. Wells Fargo & Company reissued an "equal weight" rating on shares of Micron Technology in a research report on Monday, April 28th. Mizuho boosted their price objective on shares of Micron Technology from $124.00 to $130.00 and gave the company an "outperform" rating in a research report on Thursday, June 5th. Robert W. Baird boosted their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. Citigroup boosted their price objective on shares of Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Finally, KGI Securities raised shares of Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $129.00.

Insider Activity at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total transaction of $192,320.00. Following the completion of the sale, the director now directly owns 24,954 shares in the company, valued at $1,996,320. This represents a 8.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sanjay Mehrotra sold 3,562 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $110.46, for a total transaction of $393,458.52. Following the sale, the chief executive officer now owns 391,113 shares of the company's stock, valued at approximately $43,202,341.98. This trade represents a 0.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 52,404 shares of company stock valued at $5,572,867 in the last quarter. Insiders own 0.30% of the company's stock.

Micron Technology Stock Performance

NASDAQ MU traded up $1.48 during trading on Wednesday, reaching $121.82. The company's stock had a trading volume of 20,156,669 shares, compared to its average volume of 23,618,199. The company has a current ratio of 3.13, a quick ratio of 1.99 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $136.14 billion, a price-to-earnings ratio of 29.21 and a beta of 1.28. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $157.41. The firm has a 50 day moving average price of $90.13 and a 200 day moving average price of $92.87.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The company had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the prior year, the firm posted $0.42 EPS. The firm's quarterly revenue was up 38.2% on a year-over-year basis. As a group, equities analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.38%. The ex-dividend date was Monday, March 31st. Micron Technology's payout ratio is 11.03%.

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.