Keystone Wealth Services LLC Takes Position in Micron Technology, Inc. (NASDAQ:MU)

Keystone Wealth Services LLC purchased a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,501 shares of the semiconductor manufacturer's stock, valued at approximately $304,000.

Several other institutional investors have also added to or reduced their stakes in MU. Sunbeam Capital Management LLC purchased a new stake in Micron Technology during the fourth quarter valued at about $26,000. Beacon Capital Management LLC raised its stake 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 valued at $31,000 after acquiring an additional 200 shares during the last quarter. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at about $33,000. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology during the first quarter valued at about $33,000. Finally, Curio Wealth LLC bought a new position in shares of Micron Technology during the fourth quarter valued at about $34,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Up 1.2%

Shares of NASDAQ MU traded up $1.48 on Wednesday, reaching $121.82. 20,156,669 shares of the company's stock traded hands, compared to its average volume of 23,618,199. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $157.41. The business's 50 day simple moving average is $90.13 and its two-hundred day simple moving average is $92.87. The company has a market cap of $136.14 billion, a price-to-earnings ratio of 29.21 and a beta of 1.28. The company has a quick ratio of 1.99, a current ratio of 3.13 and a debt-to-equity ratio of 0.28.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 14.92% and a return on equity of 10.87%. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter last year, the firm earned $0.42 earnings per share. The business's revenue for the quarter was up 38.2% on a year-over-year basis. As a group, equities research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date was Monday, March 31st. Micron Technology's payout ratio is 11.03%.

Insider Activity

In other Micron Technology news, CEO Sanjay Mehrotra sold 5,210 shares of the stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $121.35, for a total value of $632,233.50. Following the transaction, the chief executive officer now directly owns 379,675 shares in the company, valued at approximately $46,073,561.25. This trade represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the completion of the transaction, the executive vice president now owns 186,353 shares in the company, valued at $20,498,830. The trade was a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 52,404 shares of company stock worth $5,572,867 over the last 90 days. 0.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays lowered their price objective on shares of Micron Technology from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a research note on Friday, March 21st. Robert W. Baird upped their price objective on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research note on Friday, March 21st. Morgan Stanley lowered their price objective on shares of Micron Technology from $112.00 to $98.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Micron Technology from $145.00 to $135.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $129.00.

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.