Harvey Capital Management Inc. Purchases 4,553 Shares of Micron Technology, Inc. (NASDAQ:MU)

Harvey Capital Management Inc. grew its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 28,913 shares of the semiconductor manufacturer's stock after purchasing an additional 4,553 shares during the period. Harvey Capital Management Inc.'s holdings in Micron Technology were worth $2,512,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in MU. GFG Capital LLC raised its stake in shares of Micron Technology by 24.1% during the first quarter. GFG Capital LLC now owns 26,984 shares of the semiconductor manufacturer's stock valued at $2,345,000 after purchasing an additional 5,238 shares in the last quarter. Greenleaf Trust grew its position in Micron Technology by 4.7% in the 1st quarter. Greenleaf Trust now owns 33,268 shares of the semiconductor manufacturer's stock valued at $2,891,000 after buying an additional 1,493 shares in the last quarter. Silverlake Wealth Management LLC increased its stake in Micron Technology by 20.5% during the 1st quarter. Silverlake Wealth Management LLC now owns 3,298 shares of the semiconductor manufacturer's stock valued at $287,000 after buying an additional 562 shares during the period. Stratos Wealth Advisors LLC raised its position in shares of Micron Technology by 9.0% during the 1st quarter. Stratos Wealth Advisors LLC now owns 8,944 shares of the semiconductor manufacturer's stock worth $777,000 after buying an additional 736 shares in the last quarter. Finally, Values First Advisors Inc. acquired a new stake in shares of Micron Technology in the 1st quarter worth approximately $379,000. Institutional investors and hedge funds own 80.84% of the company's stock.

Insider Transactions at Micron Technology

In related news, EVP Sumit Sadana sold 92,638 shares of Micron Technology stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the transaction, the executive vice president directly owned 201,326 shares of the company's stock, valued at $25,264,399.74. This trade represents a 31.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of Micron Technology stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the completion of the transaction, the director owned 22,762 shares of the company's stock, valued at $2,848,664.30. This trade represents a 23.52% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,446 shares of company stock valued at $31,154,717. 0.30% of the stock is owned by insiders.

Micron Technology Stock Performance

Shares of Micron Technology stock traded up $1.42 on Friday, reaching $124.53. The stock had a trading volume of 15,803,821 shares, compared to its average volume of 23,250,383. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $136.43. The business's 50-day moving average price is $107.16 and its two-hundred day moving average price is $95.68. 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 stock has a market cap of $139.36 billion, a P/E ratio of 22.44 and a beta of 1.35.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.34. The business 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 in the previous year, the firm earned $0.62 EPS. On average, sell-side analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is 8.29%.

Wall Street Analyst Weigh In

MU has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Micron Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Stifel Nicolaus increased their target price on shares of Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Bank of America raised their target price on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a report on Thursday, June 26th. Rosenblatt Securities upped 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, China Renaissance lowered Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective for the company. in a research note on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $146.44.

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.