Kamunting Street Capital Management L.P. Has $4.21 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Kamunting Street Capital Management L.P. lowered its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 9.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 50,000 shares of the semiconductor manufacturer's stock after selling 4,922 shares during the period. Micron Technology makes up about 3.6% of Kamunting Street Capital Management L.P.'s holdings, making the stock its 8th biggest position. Kamunting Street Capital Management L.P.'s holdings in Micron Technology were worth $4,208,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Beacon Capital Management LLC increased its stake in Micron Technology by 114.9% during the 4th quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock valued at $31,000 after purchasing an additional 200 shares in the last quarter. Midwest Capital Advisors LLC bought a new position in Micron Technology in the 4th quarter valued at about $33,000. Activest Wealth Management increased its holdings in Micron Technology by 583.3% during the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 350 shares in the last quarter. Comprehensive Financial Planning Inc. PA bought a new position in shares of Micron Technology in the fourth quarter valued at approximately $34,000. Finally, Curio Wealth LLC bought a new stake in Micron Technology during the fourth quarter worth $34,000. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Price Performance

Micron Technology stock traded up $2.36 during midday trading on Friday, hitting $79.78. 19,715,387 shares of the company's stock were exchanged, compared to its average volume of 23,271,422. The company has a market cap of $89.16 billion, a P/E ratio of 22.99 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The stock has a 50-day moving average price of $85.71 and a two-hundred day moving average price of $94.94. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $157.54.

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

Micron Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.58%. Micron Technology's dividend payout ratio is 11.03%.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the sale, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. The trade was a 8.34 % 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, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now owns 27,358 shares in the company, valued at $2,542,378.94. This represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. China Renaissance lowered shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 target price for the company. in a research note on Wednesday, March 26th. Wedbush reaffirmed an "outperform" rating and issued a $125.00 target price on shares of Micron Technology in a report on Monday, March 17th. Wells Fargo & Company cut their price objective on Micron Technology from $140.00 to $130.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada set a $125.00 target price on Micron Technology in a research note on Wednesday, March 19th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $130.00 price target on shares of Micron Technology in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average target price of $128.56.

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.