Well Done LLC Makes New Investment in Micron Technology, Inc. $MU

Key Points

• Well Done LLC acquired a new stake in Micron Technology, Inc., purchasing 3,045 shares valued at approximately $375,000.
• Micron Technology reported $1.91 earnings per share for the last quarter, exceeding analysts' expectations of $1.57, and a revenue of $9.30 billion compared to the forecasted $8.83 billion.
• Micron Technology also announced a quarterly dividend of $0.115 per share, set to be paid on October 21st, representing a 0.3% yield.

Well Done LLC acquired a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,045 shares of the semiconductor manufacturer's stock, valued at approximately $375,000.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Micron Technology by 2.1% during the first quarter. Vanguard Group Inc. now owns 101,906,368 shares of the semiconductor manufacturer's stock worth $8,854,644,000 after buying an additional 2,049,163 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Micron Technology by 23.8% in the first quarter. Goldman Sachs Group Inc. now owns 10,616,488 shares of the semiconductor manufacturer's stock worth $922,467,000 after buying an additional 2,038,641 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Micron Technology by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,938,848 shares of the semiconductor manufacturer's stock valued at $602,917,000 after acquiring an additional 58,285 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Micron Technology by 26.3% during 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 in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Micron Technology by 0.4% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,366,631 shares of the semiconductor manufacturer's stock worth $379,417,000 after acquiring an additional 17,970 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Trading Down 2.8%

Micron Technology stock opened at $161.71 on Thursday. Micron Technology, Inc. has a 12 month low of $61.54 and a 12 month high of $170.45. The business's fifty day simple moving average is $126.57 and its two-hundred day simple moving average is $107.07. The company has a market capitalization of $180.97 billion, a price-to-earnings ratio of 21.31 and a beta of 1.47. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.34. Micron Technology had a return on equity of 17.69% and a net margin of 22.84%.The firm had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. During the same period in the prior year, the company posted $0.62 earnings per share. As a group, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Investors of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.46 annualized dividend and a yield of 0.3%. Micron Technology's payout ratio is 8.29%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MU. KGI Securities cut shares of Micron Technology from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. Citigroup increased 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. Susquehanna increased their price target on shares of Micron Technology from $160.00 to $200.00 and gave the company a "positive" rating in a research report on Wednesday, September 17th. Mizuho increased their target price on shares of Micron Technology from $182.00 to $195.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, Raymond James Financial boosted their price target on shares of Micron Technology from $150.00 to $190.00 and gave the stock an "outperform" rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $184.77.

Insider Activity at Micron Technology

In other news, CFO Mark J. Murphy sold 34,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.32, for a total transaction of $3,716,880.00. Following the sale, the chief financial officer directly owned 264,036 shares in the company, valued at $28,864,415.52. This trade represents a 11.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven J. Gomo sold 7,000 shares of the business's stock in a transaction that occurred on Friday, June 27th. The stock was sold at an average price of $125.15, for a total value of $876,050.00. Following the completion of the transaction, the director directly owned 22,762 shares in the company, valued at approximately $2,848,664.30. This represents a 23.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,946 shares of company stock worth $32,306,159 in the last quarter. 0.30% of the stock is currently 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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