Kovitz Investment Group Partners LLC Increases Stock Holdings in Micron Technology, Inc. (NASDAQ:MU)

Kovitz Investment Group Partners LLC raised its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 65.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 353,272 shares of the semiconductor manufacturer's stock after purchasing an additional 139,839 shares during the period. Kovitz Investment Group Partners LLC's holdings in Micron Technology were worth $30,696,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors grew its position in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after acquiring an additional 15,993,036 shares during the last quarter. Capital Research Global Investors grew its position in Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after buying an additional 9,489,579 shares during the last quarter. Capital International Investors grew its position in Micron Technology by 36.3% in the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock valued at $1,383,442,000 after buying an additional 4,375,232 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Micron Technology by 198.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,545,882 shares of the semiconductor manufacturer's stock valued at $550,903,000 after buying an additional 4,352,225 shares during the last quarter. Finally, Nuveen LLC purchased a new position in Micron Technology in the 1st quarter valued at $369,191,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Up 0.8%

Shares of NASDAQ:MU opened at $125.29 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. The stock has a market capitalization of $140.21 billion, a P/E ratio of 22.57 and a beta of 1.37. The stock has a 50-day simple moving average of $117.77 and a 200-day simple moving average of $98.83.

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

Micron Technology Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Monday, July 7th. This represents a $0.46 annualized dividend and a yield of 0.4%. Micron Technology's payout ratio is 8.29%.

Analyst Upgrades and Downgrades

MU has been the subject of a number of recent analyst reports. Barclays raised their target price on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Wells Fargo & Company raised their target price on Micron Technology from $150.00 to $170.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. UBS Group raised their target price on Micron Technology from $120.00 to $155.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $150.00 price target on shares of Micron Technology in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and an average target price of $147.24.

Insider Activity

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total value of $3,716,880.00. Following the transaction, the chief financial officer directly owned 264,036 shares of the company's stock, valued at $28,864,415.52. This represents a 11.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the transaction, the executive vice president directly owned 148,167 shares in the company, valued at approximately $18,538,655.04. The trade was a 9.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 286,042 shares of company stock worth $34,679,277 in the last ninety days. 0.30% of the stock is currently owned by company insiders.

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.

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