JBF Capital Inc. Has $6.95 Million Holdings in Micron Technology, Inc. (NASDAQ:MU)

Key Points

• JBF Capital Inc. significantly increased its stake in Micron Technology by 700% in Q1, purchasing an additional 70,000 shares, bringing its total holdings to 80,000 shares worth approximately $6.95 million.
• Micron's stock price dropped 4.9% recently, with the current market capitalization at $122.14 billion and a price-to-earnings ratio of 19.66.
• The company reported an earnings per share (EPS) of $1.91 for the last quarter, exceeding analysts' expectations of $1.57 and indicating strong growth year-over-year with revenue of $9.30 billion.

JBF Capital Inc. grew its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 700.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 80,000 shares of the semiconductor manufacturer's stock after buying an additional 70,000 shares during the period. Micron Technology accounts for 1.3% of JBF Capital Inc.'s investment portfolio, making the stock its 9th largest position. JBF Capital Inc.'s holdings in Micron Technology were worth $6,951,000 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 purchased a new position in shares of Micron Technology during the 4th quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new stake in Micron Technology during the 1st quarter worth about $33,000. Roxbury Financial LLC lifted its holdings in Micron Technology by 306.1% during the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares in the last quarter. AllSquare Wealth Management LLC lifted its holdings in Micron Technology by 100.0% during the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after purchasing an additional 200 shares in the last quarter. Finally, Hurley Capital LLC purchased a new stake in Micron Technology during the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 80.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Citigroup upped their target price on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Piper Sandler upped their target price on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Raymond James Financial upped their target price on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a research note on Thursday, June 26th. Bank of America upped their target price on Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research note on Thursday, June 26th. Finally, Rosenblatt Securities upped their target price on Micron Technology from $172.00 to $200.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the sale, the executive vice president owned 148,167 shares of the company's stock, valued at approximately $18,538,655.04. This trade represents a 9.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction on Friday, June 27th. The stock was sold at an average price of $125.49, for a total value of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company's stock, valued at approximately $25,264,399.74. The trade was a 31.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,042 shares of company stock worth $34,679,277 over the last quarter. 0.30% of the stock is currently owned by company insiders.

Micron Technology Stock Down 3.9%

Shares of MU traded down $4.26 on Friday, reaching $104.88. The stock had a trading volume of 23,950,731 shares, compared to its average volume of 20,928,238. The firm has a market capitalization of $117.37 billion, a price-to-earnings ratio of 18.90 and a beta of 1.37. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The company has a 50-day simple moving average of $114.36 and a 200-day simple moving average of $97.99. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $129.85.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. Micron Technology had a return on equity of 13.60% and a net margin of 18.41%. During the same quarter last year, the business posted $0.62 EPS. Sell-side analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Investors of record on Monday, July 7th were given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is 8.29%.

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.