Infinitum Asset Management LLC Takes $6.73 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Infinitum Asset Management LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 80,000 shares of the semiconductor manufacturer's stock, valued at approximately $6,733,000. Micron Technology comprises approximately 3.6% of Infinitum Asset Management LLC's holdings, making the stock its 11th biggest holding.

Several other hedge funds also recently modified their holdings of the business. E Fund Management Co. Ltd. boosted its holdings in shares of Micron Technology by 31.8% in the 4th quarter. E Fund Management Co. Ltd. now owns 36,378 shares of the semiconductor manufacturer's stock worth $3,062,000 after acquiring an additional 8,780 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Micron Technology by 43.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 14,178 shares of the semiconductor manufacturer's stock worth $1,193,000 after purchasing an additional 4,264 shares during the last quarter. Stablepoint Partners LLC acquired a new stake in shares of Micron Technology in the fourth quarter valued at $569,000. Landscape Capital Management L.L.C. lifted its position in Micron Technology by 167.0% during the 4th quarter. Landscape Capital Management L.L.C. now owns 45,758 shares of the semiconductor manufacturer's stock worth $3,851,000 after buying an additional 28,621 shares in the last quarter. Finally, Duquesne Family Office LLC bought a new stake in Micron Technology during the 4th quarter worth about $34,412,000. 80.84% of the stock is owned by institutional investors.

Micron Technology Price Performance

Shares of MU stock traded down $0.20 on Wednesday, hitting $96.18. 10,267,125 shares of the stock traded hands, compared to its average volume of 23,440,926. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $157.54. The firm has a 50 day simple moving average of $82.52 and a two-hundred day simple moving average of $92.10. The firm has a market cap of $107.49 billion, a price-to-earnings ratio of 27.72 and a beta of 1.21.

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

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.48%. Micron Technology's payout ratio is 11.03%.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the sale, the director now directly owns 24,954 shares of the company's stock, valued at $1,996,320. This represents a 8.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This trade represents a 8.34% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,808 shares of company stock worth $1,858,424. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

MU has been the topic of several recent research reports. Robert W. Baird raised their price target on Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a report on Friday, March 21st. Wells Fargo & Company reiterated an "equal weight" rating on shares of Micron Technology in a research note on Monday, April 28th. Morgan Stanley reduced their price objective on Micron Technology from $112.00 to $98.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. 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. Finally, Rosenblatt Securities decreased their target price on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.48.

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.