QRG Capital Management Inc. Acquires 16,007 Shares of Micron Technology, Inc. $MU

Key Points

• QRG Capital Management Inc. increased its holdings in Micron Technology by 8.0%, acquiring an additional 16,007 shares, bringing their total to 216,912 shares worth approximately $26.73 million.
• Several analysts have raised their price targets for Micron stock, with Needham & Company upping their target from $150 to $200, leading to a consensus target price of $184.77.
• Micron Technology recently announced a quarterly dividend of $0.115 per share, representing a 0.2% dividend yield, with the next payment scheduled for October 21st.

QRG Capital Management Inc. lifted its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 8.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 216,912 shares of the semiconductor manufacturer's stock after acquiring an additional 16,007 shares during the period. QRG Capital Management Inc.'s holdings in Micron Technology were worth $26,734,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MU. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology in the 1st quarter worth approximately $33,000. AllSquare Wealth Management LLC raised its position in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 200 shares in the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Micron Technology in the 1st quarter worth approximately $36,000. Hilltop National Bank bought a new position in shares of Micron Technology in the 2nd quarter worth approximately $37,000. Finally, Saudi Central Bank bought a new position in shares of Micron Technology in the 1st quarter worth approximately $38,000. Institutional investors own 80.84% of the company's stock.

Analysts Set New Price Targets

MU has been the subject of several research reports. Needham & Company LLC increased their target price on Micron Technology from $150.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, September 24th. Stifel Nicolaus increased their target price on Micron Technology from $173.00 to $195.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Deutsche Bank Aktiengesellschaft raised their price objective on Micron Technology from $175.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, September 24th. The Goldman Sachs Group raised their price objective on Micron Technology from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Wednesday, September 24th. Finally, Wall Street Zen lowered Micron Technology from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Four analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.77.

Insiders Place Their Bets

In other Micron Technology news, Director Richard M. Beyer sold 5,552 shares of Micron Technology stock in a transaction on Thursday, September 25th. The stock was sold at an average price of $155.68, for a total value of $864,335.36. Following the completion of the sale, the director owned 96,031 shares of the company's stock, valued at approximately $14,950,106.08. This trade represents a 5.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total value of $278,070.68. Following the completion of the sale, the director directly owned 20,146 shares of the company's stock, valued at approximately $2,330,287.82. The trade was a 10.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 109,456 shares of company stock worth $15,698,445 in the last 90 days. 0.30% of the stock is currently owned by company insiders.

Micron Technology Stock Up 2.2%

Micron Technology stock opened at $187.83 on Friday. The firm has a market cap of $210.20 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 0.40 and a beta of 1.56. The stock has a fifty day simple moving average of $134.89 and a two-hundred day simple moving average of $110.70. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $191.85. The company has a current ratio of 2.52, a quick ratio of 1.79 and a debt-to-equity ratio of 0.26.

Micron Technology Dividend Announcement

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

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.

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