Summit X LLC Acquires Shares of 2,380 Micron Technology, Inc. (NASDAQ:MU)

Summit X LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 2,380 shares of the semiconductor manufacturer's stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Norges Bank bought a new stake in Micron Technology in the 4th quarter valued at $1,470,875,000. Capital World Investors lifted its position in Micron Technology by 63.7% during the 4th quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares during the period. FMR LLC lifted its position in Micron Technology by 34.6% during the 4th quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital Research Global Investors raised its position in shares of Micron Technology by 139.7% in the 4th quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer's stock valued at $1,370,280,000 after acquiring an additional 9,489,579 shares during the period. Finally, Capital International Investors raised its holdings in Micron Technology by 36.3% during the 4th quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer's stock worth $1,383,442,000 after buying an additional 4,375,232 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on MU. Wall Street Zen raised Micron Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Barclays increased their price target on Micron Technology from $95.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, June 26th. Citigroup raised their target price on Micron Technology from $130.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. Stifel Nicolaus raised their price target on Micron Technology from $130.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, June 26th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Micron Technology in a report on Thursday, July 10th. They set a "buy" rating and a $150.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and an average price target of $146.44.

Insiders Place Their Bets

In other Micron Technology news, Director Steven J. Gomo sold 7,000 shares of the company's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $125.15, for a total transaction of $876,050.00. Following the sale, the director directly owned 22,762 shares of the company's stock, valued at approximately $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Manish H. Bhatia sold 80,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the transaction, the executive vice president owned 275,067 shares in the company, valued at approximately $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,446 shares of company stock valued at $31,154,717 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Micron Technology Stock Down 2.7%

Micron Technology stock traded down $3.17 during trading hours on Thursday, hitting $113.26. The company had a trading volume of 34,575,389 shares, compared to its average volume of 23,355,946. The firm's fifty day moving average is $110.26 and its 200-day moving average is $96.52. Micron Technology, Inc. has a fifty-two week low of $61.54 and a fifty-two week high of $129.85. The firm has a market capitalization of $126.75 billion, a P/E ratio of 20.41 and a beta of 1.35. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.89.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. The firm had revenue of $9.30 billion during 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 firm earned $0.62 EPS. On average, research analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 22nd. Stockholders 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 0.41%. The ex-dividend date of this dividend is Monday, July 7th. Micron Technology's dividend payout ratio is presently 8.29%.

Micron Technology 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.