Micron Technology, Inc. (NASDAQ:MU) Shares Purchased by Hoey Investments Inc.

Hoey Investments Inc. increased its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 22,609.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,311 shares of the semiconductor manufacturer's stock after acquiring an additional 9,270 shares during the period. Micron Technology comprises about 0.2% of Hoey Investments Inc.'s portfolio, making the stock its 29th biggest position. Hoey Investments Inc.'s holdings in Micron Technology were worth $809,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sunbeam Capital Management LLC bought a new position in Micron Technology during the fourth quarter valued at $26,000. Beacon Capital Management LLC increased 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 valued at $31,000 after purchasing an additional 200 shares during the period. Midwest Capital Advisors LLC purchased a new position in Micron Technology during the 4th quarter valued at about $33,000. Opal Wealth Advisors LLC purchased a new position in Micron Technology during the 1st quarter valued at about $33,000. Finally, Curio Wealth LLC purchased a new position in Micron Technology during the 4th quarter valued at about $34,000. Institutional investors own 80.84% of the company's stock.

Wall Street Analysts Forecast Growth

MU has been the topic of several recent research reports. Morgan Stanley cut their price target on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Wedbush reaffirmed an "underperform" rating on shares of Micron Technology in a research report on Monday, April 28th. JPMorgan Chase & Co. lowered their price objective on Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research report on Friday, March 21st. China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective on the stock. in a research report on Wednesday, March 26th. Finally, Citigroup upped their price objective on Micron Technology from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $129.00.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, the executive vice president now directly owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. This trade represents a 8.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the director now owns 24,954 shares in the company, valued at $1,996,320. This trade represents a 8.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,904 shares of company stock valued at $4,665,124. Insiders own 0.30% of the company's stock.

Micron Technology Stock Down 0.5%

NASDAQ:MU traded down $0.58 during midday trading on Friday, hitting $115.60. 17,402,839 shares of the company were exchanged, compared to its average volume of 23,727,958. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $129.19 billion, a PE ratio of 33.31 and a beta of 1.28. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $157.54. The company has a fifty day simple moving average of $88.20 and a 200 day simple moving average of $92.57.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm's revenue was up 38.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 earnings per share. As a group, equities analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a yield of 0.40%. The ex-dividend date was Monday, March 31st. Micron Technology's dividend payout ratio (DPR) 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.