Beech Hill Advisors Inc. Purchases 3,440 Shares of Micron Technology, Inc. (NASDAQ:MU)

Beech Hill Advisors Inc. raised its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 49.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,360 shares of the semiconductor manufacturer's stock after buying an additional 3,440 shares during the period. Beech Hill Advisors Inc.'s holdings in Micron Technology were worth $900,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Balefire LLC raised its holdings in Micron Technology by 9.2% during the first quarter. Balefire LLC now owns 15,154 shares of the semiconductor manufacturer's stock valued at $1,317,000 after buying an additional 1,274 shares in the last quarter. Western Wealth Management LLC bought a new position in shares of Micron Technology in the first quarter worth about $208,000. Nvest Financial LLC lifted its position in shares of Micron Technology by 13.9% during the 1st quarter. Nvest Financial LLC now owns 5,199 shares of the semiconductor manufacturer's stock worth $452,000 after purchasing an additional 636 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Micron Technology by 4.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 39,720 shares of the semiconductor manufacturer's stock worth $3,451,000 after purchasing an additional 1,680 shares during the last quarter. Finally, Pure Financial Advisors LLC lifted its position in shares of Micron Technology by 8.7% during the 1st quarter. Pure Financial Advisors LLC now owns 3,732 shares of the semiconductor manufacturer's stock worth $324,000 after purchasing an additional 298 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MU shares. Royal Bank Of Canada set a $125.00 price objective on Micron Technology in a research report on Wednesday, March 19th. China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective for the company. in a research report on Wednesday, March 26th. Piper Sandler boosted their price objective on Micron Technology from $120.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday. Stifel Nicolaus boosted their price objective on Micron Technology from $130.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Raymond James Financial boosted their price objective on Micron Technology from $120.00 to $150.00 and gave the stock an "outperform" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Micron Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.21.

Micron Technology Trading Down 1.0%

Shares of MU stock traded down $1.24 during trading hours on Friday, reaching $124.76. The company had a trading volume of 36,813,002 shares, compared to its average volume of 23,366,998. The company has a 50 day moving average of $98.71 and a 200 day moving average of $94.24. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.13 and a quick ratio of 1.99. The firm has a market cap of $139.43 billion, a price-to-earnings ratio of 22.48 and a beta of 1.28. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $137.13.

Micron Technology (NASDAQ:MU - Get Free Report) last posted its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a return on equity of 13.88% and a net margin of 18.41%. During the same quarter in the prior year, the business posted $0.62 EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be given a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is currently 11.03%.

Insider Activity at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $125.12, for a total transaction of $1,876,800.00. Following the completion of the transaction, the executive vice president now owns 148,167 shares in the company, valued at approximately $18,538,655.04. This represents a 9.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott J. Deboer sold 20,000 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $110.00, for a total value of $2,200,000.00. Following the transaction, the executive vice president now owns 186,353 shares of the company's stock, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 72,404 shares of company stock worth $8,509,167 in the last quarter. Corporate 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.