Vest Financial LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Vest Financial LLC bought a new position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,646 shares of the semiconductor manufacturer's stock, valued at approximately $577,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Micron Technology by 30.7% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,350 shares of the semiconductor manufacturer's stock worth $465,000 after acquiring an additional 1,257 shares during the period. Wealth Management Partners LLC boosted its position in shares of Micron Technology by 3.8% in the 1st quarter. Wealth Management Partners LLC now owns 8,994 shares of the semiconductor manufacturer's stock worth $782,000 after purchasing an additional 328 shares in the last quarter. Naples Global Advisors LLC boosted its position in shares of Micron Technology by 6.9% in the 1st quarter. Naples Global Advisors LLC now owns 40,937 shares of the semiconductor manufacturer's stock worth $3,561,000 after purchasing an additional 2,626 shares in the last quarter. Columbia Asset Management boosted its position in shares of Micron Technology by 6.9% in the 1st quarter. Columbia Asset Management now owns 4,980 shares of the semiconductor manufacturer's stock worth $433,000 after purchasing an additional 320 shares in the last quarter. Finally, Teamwork Financial Advisors LLC boosted its position in shares of Micron Technology by 27.3% in the 1st quarter. Teamwork Financial Advisors LLC now owns 15,089 shares of the semiconductor manufacturer's stock worth $1,311,000 after purchasing an additional 3,240 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company's stock.

Insider Buying and Selling

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total value of $192,320.00. Following the transaction, the director now directly owns 24,954 shares of the company's stock, valued at approximately $1,996,320. This trade represents a 8.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the completion of the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Micron Technology Price Performance

NASDAQ MU opened at $108.56 on Monday. The business's fifty day moving average price is $83.97 and its 200-day moving average price is $92.05. The stock has a market capitalization of $121.32 billion, a price-to-earnings ratio of 31.29 and a beta of 1.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The company's revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.42%. Micron Technology's dividend payout ratio is currently 11.03%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MU. Barclays dropped their price target on Micron Technology from $115.00 to $95.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Rosenblatt Securities dropped their price target on Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Cantor Fitzgerald reissued an "overweight" rating and issued a $130.00 price target on shares of Micron Technology in a research report on Friday, March 21st. Royal Bank of Canada set a $125.00 price target on Micron Technology in a research report on Wednesday, March 19th. Finally, Citigroup dropped their price target on Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and a consensus target price of $128.20.

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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