Probity Advisors Inc. Makes New $234,000 Investment in Micron Technology, Inc. (NASDAQ:MU)

Probity Advisors Inc. purchased a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,697 shares of the semiconductor manufacturer's stock, valued at approximately $234,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Sunbeam Capital Management LLC bought a new position in shares of Micron Technology during the 4th quarter valued at about $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Micron Technology in the first quarter valued at approximately $33,000. AllSquare Wealth Management LLC raised its holdings in shares of Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares during the period. MJT & Associates Financial Advisory Group Inc. acquired a new stake in shares of Micron Technology during the first quarter worth $36,000. Finally, Roxbury Financial LLC boosted its stake in Micron Technology by 306.1% in the 1st quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer's stock worth $37,000 after purchasing an additional 300 shares during the period. Institutional investors own 80.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MU shares. Bank of America boosted their price objective on shares of Micron Technology from $84.00 to $140.00 and gave the stock a "neutral" rating in a research report on Thursday, June 26th. Morgan Stanley lifted their target price 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. Stifel Nicolaus increased their price target on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Cantor Fitzgerald raised their price target on Micron Technology from $145.00 to $155.00 and gave the company an "overweight" rating in a research note on Thursday, June 26th. Finally, Barclays upped their price objective on Micron Technology from $95.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $146.44.

Micron Technology Trading Up 2.8%

Shares of MU stock opened at $107.77 on Tuesday. The stock has a market cap of $120.61 billion, a P/E ratio of 19.42 and a beta of 1.37. Micron Technology, Inc. has a 1 year low of $61.54 and a 1 year high of $129.85. 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 stock has a 50 day simple moving average of $114.65 and a 200 day simple moving average of $97.93.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the prior year, the company posted $0.62 earnings per share. On average, research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Shareholders of record on Monday, July 7th were issued a $0.115 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, July 7th. Micron Technology's dividend payout ratio (DPR) is currently 8.29%.

Insider Transactions at Micron Technology

In other Micron Technology news, CFO Mark J. Murphy sold 34,000 shares of Micron Technology stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.32, for a total value of $3,716,880.00. Following the transaction, the chief financial officer owned 264,036 shares in the company, valued at $28,864,415.52. The trade was a 11.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Manish H. Bhatia sold 80,000 shares of the business's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $123.16, for a total value of $9,852,800.00. Following the transaction, the executive vice president directly owned 275,067 shares of the company's stock, valued at approximately $33,877,251.72. The trade was a 22.53% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 286,042 shares of company stock worth $34,679,277. 0.30% of the stock is owned by insiders.

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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