Infinitum Asset Management LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Infinitum Asset Management LLC purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 80,000 shares of the semiconductor manufacturer's stock, valued at approximately $6,733,000. Micron Technology accounts for about 3.6% of Infinitum Asset Management LLC's investment portfolio, making the stock its 11th largest position.

A number of other large investors also recently bought and sold shares of MU. Sunbeam Capital Management LLC bought a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Beacon Capital Management LLC boosted its holdings in shares of Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares during the period. Midwest Capital Advisors LLC acquired a new stake in shares of Micron Technology during the fourth quarter worth approximately $33,000. Activest Wealth Management raised its position in Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock valued at $34,000 after acquiring an additional 350 shares in the last quarter. Finally, Comprehensive Financial Planning Inc. PA bought a new position in Micron Technology during the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 80.84% of the company's stock.

Micron Technology Trading Up 3.2%

Shares of NASDAQ MU traded up $3.01 during mid-day trading on Tuesday, reaching $96.38. 17,591,651 shares of the company's stock were exchanged, compared to its average volume of 23,493,475. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The company's 50-day moving average is $82.65 and its 200-day moving average is $92.07. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $157.54. The firm has a market capitalization of $107.71 billion, a price-to-earnings ratio of 27.78 and a beta of 1.21.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its earnings results 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 during 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 company's revenue was up 38.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Analysts expect that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the sale, the director now owns 27,358 shares of the company's stock, valued at $2,542,378.94. The trade was a 8.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares in the company, valued at approximately $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 three months, insiders sold 19,808 shares of company stock worth $1,858,424. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Cantor Fitzgerald reissued an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. UBS Group cut their price target on Micron Technology from $130.00 to $92.00 and set a "buy" rating for the company in a report on Monday, April 28th. Citigroup dropped their price objective on Micron Technology from $120.00 to $110.00 and set a "buy" rating for the company in a report on Friday, April 11th. Robert W. Baird boosted their target price on Micron Technology from $130.00 to $163.00 and gave the stock an "outperform" rating in a research report on Friday, March 21st. Finally, JPMorgan Chase & Co. decreased their price objective on Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $126.48.

Micron Technology Company 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.