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

Harvey Capital Management Inc. grew its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 18.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,913 shares of the semiconductor manufacturer's stock after buying 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 hedge funds have also made changes to their positions in MU. Vanguard Group Inc. raised its stake in Micron Technology by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer's stock valued at $8,403,982,000 after acquiring an additional 888,087 shares in the last quarter. FMR LLC raised its position in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital World Investors boosted its position in shares of Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock worth $3,458,673,000 after buying an additional 15,993,036 shares during the period. Geode Capital Management LLC boosted its position in shares of Micron Technology by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock worth $2,052,973,000 after buying an additional 726,282 shares during the period. Finally, Norges Bank acquired a new stake in shares of Micron Technology in the fourth quarter worth $1,470,875,000. Institutional investors own 80.84% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Mizuho raised their target price on Micron Technology from $124.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, June 5th. Morgan Stanley lifted their price objective on Micron Technology from $98.00 to $135.00 and gave the company an "equal weight" rating in a research report on Thursday, June 26th. Robert W. Baird lifted their price objective on Micron Technology from $163.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, June 27th. Wedbush lifted their price objective on Micron Technology from $150.00 to $165.00 and gave the company an "outperform" rating in a research report on Thursday, June 26th. Finally, Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and a consensus target price of $146.21.

Micron Technology Stock Performance

MU traded down $2.18 on Wednesday, hitting $122.24. 20,428,033 shares of the stock traded hands, compared to its average volume of 23,302,744. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $136.50. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $136.80 billion, a PE ratio of 22.03 and a beta of 1.35. The business has a fifty day moving average price of $105.34 and a two-hundred day moving average price of $95.26.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $8.83 billion. During the same period in the previous year, the company posted $0.62 earnings per share. On average, research analysts predict that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.38%. Micron Technology's payout ratio is 8.29%.

Insider Buying and Selling at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $121.28, for a total transaction of $291,557.12. Following the sale, the director owned 22,550 shares of the company's stock, valued at approximately $2,734,864. This trade represents a 9.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction on 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 sale, the executive vice president directly owned 148,167 shares in the company, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock valued at $31,154,717 over the last three months. Insiders own 0.30% of the company's stock.

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.