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

Harvey Capital Management Inc. raised its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,913 shares of the semiconductor manufacturer's stock after acquiring an additional 4,553 shares during the quarter. Harvey Capital Management Inc.'s holdings in Micron Technology were worth $2,512,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MU. Twin Capital Management Inc. grew its stake in Micron Technology by 0.5% in the fourth quarter. Twin Capital Management Inc. now owns 20,062 shares of the semiconductor manufacturer's stock valued at $1,688,000 after purchasing an additional 108 shares in the last quarter. Cim Investment Management Inc. grew its stake in Micron Technology by 0.5% in the fourth quarter. Cim Investment Management Inc. now owns 23,062 shares of the semiconductor manufacturer's stock valued at $1,941,000 after purchasing an additional 114 shares in the last quarter. Hazlett Burt & Watson Inc. grew its stake in Micron Technology by 1.1% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 10,481 shares of the semiconductor manufacturer's stock valued at $883,000 after purchasing an additional 119 shares in the last quarter. FineMark National Bank & Trust grew its stake in Micron Technology by 3.9% in the fourth quarter. FineMark National Bank & Trust now owns 3,640 shares of the semiconductor manufacturer's stock valued at $306,000 after purchasing an additional 136 shares in the last quarter. Finally, Carson Advisory Inc. grew its stake in Micron Technology by 1.6% in the fourth quarter. Carson Advisory Inc. now owns 8,592 shares of the semiconductor manufacturer's stock valued at $723,000 after purchasing an additional 139 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction dated 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 transaction, the executive vice president owned 148,167 shares of the company's stock, valued at $18,538,655.04. This represents a 9.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Sumit Sadana sold 92,638 shares of the company's stock in a transaction dated 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 transaction, 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. Over the last quarter, insiders have sold 254,446 shares of company stock worth $31,154,717. Company insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

MU has been the subject of a number of analyst reports. Wedbush raised their price target on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, June 26th. China Renaissance downgraded Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a research note on Wednesday, March 26th. Royal Bank Of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. UBS Group lifted their target price on Micron Technology from $120.00 to $155.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Finally, TD Cowen lifted their target price on Micron Technology from $125.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Micron Technology currently has an average rating of "Moderate Buy" and a consensus price target of $146.44.

Micron Technology Price Performance

Shares of Micron Technology stock traded up $0.85 during trading on Thursday, reaching $123.09. 8,164,607 shares of the company's stock were exchanged, compared to its average volume of 23,349,176. 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 $136.43. The company has a market cap of $137.75 billion, a P/E ratio of 22.18 and a beta of 1.35. The firm's 50-day moving average price is $106.25 and its 200 day moving average price is $95.45.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 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 company 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 firm earned $0.62 EPS. As a group, research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

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

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.