Micron Technology, Inc. (NASDAQ:MU) Shares Acquired by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd increased its stake in Micron Technology by 14.3%, holding 162,997 shares with a total value of approximately $14.16 million.
• Multiple investors, including Sunbeam Capital Management LLC and Opal Wealth Advisors LLC, have recently acquired new stakes in Micron Technology, which is presently owned 80.84% by institutional investors.
• Micron Technology reported $1.91 EPS for the last quarter, surpassing analyst expectations, and plans to increase its annual dividend yield to 0.41% following a recent dividend payout.

Harvest Fund Management Co. Ltd grew its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 162,997 shares of the semiconductor manufacturer's stock after purchasing an additional 20,433 shares during the period. Micron Technology makes up 0.7% of Harvest Fund Management Co. Ltd's investment portfolio, making the stock its 24th largest position. Harvest Fund Management Co. Ltd's holdings in Micron Technology were worth $14,161,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Sunbeam Capital Management LLC acquired a new position in Micron Technology during the 4th quarter worth about $26,000. Opal Wealth Advisors LLC acquired a new stake in Micron Technology in the 1st quarter valued at about $33,000. AllSquare Wealth Management LLC raised its position in Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock valued at $35,000 after purchasing an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Micron Technology in the 1st quarter valued at about $36,000. Finally, Hurley Capital LLC acquired a new stake in Micron Technology in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Insiders Place Their Bets

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of Micron Technology stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer owned 264,036 shares in the company, valued at $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Manish H. Bhatia sold 80,000 shares of Micron Technology stock in a transaction on Monday, June 30th. The stock was sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the sale, the executive vice president owned 275,067 shares in the company, valued at $33,877,251.72. This represents a 22.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 288,446 shares of company stock valued at $34,871,597 in the last ninety days. Company insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

MU has been the topic of a number of recent analyst reports. Barclays increased their price objective on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a report on Thursday, June 26th. Morgan Stanley raised their price target on Micron Technology from $98.00 to $135.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. KGI Securities downgraded Micron Technology from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. Rosenblatt Securities raised their price target on Micron Technology from $172.00 to $200.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Micron Technology in a report on Thursday, July 10th. They issued a "buy" rating and a $150.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Stock Down 0.0%

MU opened at $111.25 on Tuesday. The stock has a market cap of $124.50 billion, a P/E ratio of 20.05 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89. The stock's 50 day moving average price is $113.19 and its 200 day moving average price is $97.62. 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 quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $9.30 billion during the quarter, compared to analysts' expectations of $8.83 billion. During the same quarter last year, the firm earned $0.62 earnings per share. As a group, research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were paid a $0.115 dividend. The ex-dividend date was Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.41%. Micron Technology's payout ratio is presently 8.29%.

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.

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