Mount Vernon Associates Inc. MD Takes $259,000 Position in Micron Technology, Inc. $MU

Key Points

• Mount Vernon Associates Inc. acquired a new stake of 2,100 shares in Micron Technology, Inc., valued at approximately $259,000, during the second quarter.
• Micron Technology's stock has seen significant interest from institutional investors, with over 80% of the stock owned by hedge funds and institutions.
• The company recently announced a quarterly dividend of $0.115 per share, reflecting an annualized dividend yield of 0.2%.

Mount Vernon Associates Inc. MD acquired a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,100 shares of the semiconductor manufacturer's stock, valued at approximately $259,000.

A number of other hedge funds have also recently modified their holdings of MU. Nuveen LLC purchased a new position in shares of Micron Technology in the 1st quarter valued at $369,191,000. Vanguard Group Inc. grew its position in shares of Micron Technology by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock valued at $8,854,644,000 after buying an additional 2,049,163 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Micron Technology by 23.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock valued at $922,467,000 after buying an additional 2,038,641 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Micron Technology by 26.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,800,052 shares of the semiconductor manufacturer's stock valued at $590,807,000 after buying an additional 1,416,174 shares during the last quarter. Finally, Keystone Investors PTE Ltd. purchased a new position in shares of Micron Technology in the 1st quarter valued at $96,253,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Sanjay Mehrotra sold 15,000 shares of the firm's stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $180.86, for a total value of $2,712,900.00. Following the completion of the sale, the chief executive officer owned 310,148 shares in the company, valued at approximately $56,093,367.28. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the completion of the sale, the director owned 20,146 shares of the company's stock, valued at $2,330,287.82. This trade represents a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 109,456 shares of company stock worth $15,698,445 over the last quarter. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on MU. Morgan Stanley increased their target price on shares of Micron Technology from $135.00 to $160.00 and gave the company an "equal weight" rating in a research report on Monday, September 22nd. The Goldman Sachs Group increased their target price on shares of Micron Technology from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Wednesday, September 24th. TD Cowen raised their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Barclays raised their price objective on shares of Micron Technology from $140.00 to $175.00 and gave the stock an "overweight" rating in a research report on Friday, September 19th. Finally, KGI Securities raised shares of Micron Technology from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, September 24th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $184.77.

Micron Technology Stock Up 2.2%

MU stock opened at $187.83 on Friday. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $191.85. The stock has a market capitalization of $210.20 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 0.41 and a beta of 1.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52. The company has a fifty day moving average of $134.89 and a 200-day moving average of $110.76.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, October 3rd. Micron Technology's dividend payout ratio (DPR) is 6.06%.

Micron Technology Company 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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