Harrell Investment Partners LLC Makes New Investment in Micron Technology, Inc. $MU

Key Points

• Harrell Investment Partners LLC has initiated a position in Micron Technology, purchasing 3,098 shares worth approximately $382,000 in the second quarter.
• Equity analysts have raised their price targets for Micron Technology, with Bank of America setting a new target of $180 and Wells Fargo raising theirs to $220, indicating strong growth expectations.
• Micron Technology declared a quarterly dividend of $0.115 per share, with the annualized dividend representing a yield of 0.3% and a payout ratio of 8.29%.

Harrell Investment Partners LLC purchased a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,098 shares of the semiconductor manufacturer's stock, valued at approximately $382,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. HMS Capital Management LLC grew its position in Micron Technology by 0.6% in the second quarter. HMS Capital Management LLC now owns 19,271 shares of the semiconductor manufacturer's stock worth $2,375,000 after buying an additional 107 shares during the last quarter. D.B. Root & Company LLC grew its position in Micron Technology by 3.7% in the first quarter. D.B. Root & Company LLC now owns 3,018 shares of the semiconductor manufacturer's stock worth $262,000 after buying an additional 108 shares during the last quarter. Werlinich Asset Management LLC grew its position in Micron Technology by 1.1% in the second quarter. Werlinich Asset Management LLC now owns 10,685 shares of the semiconductor manufacturer's stock worth $1,317,000 after buying an additional 115 shares during the last quarter. Rise Advisors LLC grew its position in Micron Technology by 5.3% in the first quarter. Rise Advisors LLC now owns 2,373 shares of the semiconductor manufacturer's stock worth $206,000 after buying an additional 120 shares during the last quarter. Finally, Orca Wealth Management LLC grew its position in Micron Technology by 1.5% in the first quarter. Orca Wealth Management LLC now owns 8,485 shares of the semiconductor manufacturer's stock worth $737,000 after buying an additional 129 shares during the last quarter. Institutional investors and hedge funds own 80.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MU shares. Bank of America raised their price objective on shares of Micron Technology from $140.00 to $180.00 and gave the stock a "neutral" rating in a research note on Wednesday. Citigroup raised their price objective on shares of Micron Technology from $175.00 to $200.00 and gave the stock a "buy" rating in a research note on Wednesday. Stifel Nicolaus raised their price objective on shares of Micron Technology from $173.00 to $195.00 and gave the stock a "buy" rating in a research note on Monday. Wells Fargo & Company raised their price objective on shares of Micron Technology from $170.00 to $220.00 and gave the stock an "overweight" rating in a research note on Wednesday. Finally, CLSA started coverage on shares of Micron Technology in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $155.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $184.77.

Micron Technology Stock Down 2.8%

MU stock opened at $161.71 on Thursday. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $170.45. The company has a quick ratio of 1.89, a current ratio of 2.75 and a debt-to-equity ratio of 0.30. The company has a market cap of $180.97 billion, a price-to-earnings ratio of 21.31 and a beta of 1.47. The company has a 50 day moving average of $126.57 and a two-hundred day moving average of $107.07.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a net margin of 22.84% and a return on equity of 17.69%. The company had revenue of $9.30 billion during the quarter, compared to the consensus estimate of $8.83 billion. During the same quarter in the prior year, the firm earned $0.62 EPS. On average, equities analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.3%. Micron Technology's dividend payout ratio (DPR) is currently 8.29%.

Insider Buying and Selling at Micron Technology

In other news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at approximately $28,864,415.52. This trade represents a 11.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven J. Gomo sold 7,000 shares of the firm's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the transaction, the director owned 22,762 shares in the company, valued at $2,848,664.30. This represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,946 shares of company stock worth $32,306,159 in the last ninety days. Company insiders own 0.30% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.