Breakwater Capital Group Buys Shares of 1,950 Micron Technology, Inc. (NASDAQ:MU)

Breakwater Capital Group purchased a new position in shares of Micron Technology, Inc. (NASDAQ:MU) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,950 shares of the semiconductor manufacturer’s stock, valued at approximately $230,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Micron Technology in the fourth quarter valued at approximately $769,372,000. Wellington Management Group LLP increased its stake in shares of Micron Technology by 43.4% during the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after acquiring an additional 5,257,201 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Micron Technology by 19.7% during the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock worth $1,177,151,000 after acquiring an additional 2,852,688 shares during the period. California Public Employees Retirement System grew its holdings in Micron Technology by 125.0% in the fourth quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock valued at $387,585,000 after purchasing an additional 2,523,267 shares during the period. Finally, Phoenix Holdings Ltd. raised its stake in Micron Technology by 8,336.6% during the third quarter. Phoenix Holdings Ltd. now owns 1,732,231 shares of the semiconductor manufacturer’s stock worth $117,762,000 after purchasing an additional 1,753,262 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Micron Technology

In other news, CEO Sanjay Mehrotra sold 34,284 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $109,496,781.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Manish H. Bhatia sold 53,317 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total transaction of $6,354,320.06. Following the transaction, the executive vice president now owns 319,119 shares of the company’s stock, valued at approximately $38,032,602.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $152.28, for a total transaction of $5,220,767.52. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares in the company, valued at approximately $109,496,781.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 304,840 shares of company stock valued at $37,961,924. 0.32% of the stock is owned by insiders.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $131.53 on Monday. Micron Technology, Inc. has a 12-month low of $60.50 and a 12-month high of $157.54. The company has a quick ratio of 2.16, a current ratio of 3.41 and a debt-to-equity ratio of 0.29. The stock’s fifty day moving average is $128.07 and its 200-day moving average is $106.46.

Micron Technology (NASDAQ:MU) last issued its earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The company had revenue of $6.81 billion for the quarter, compared to the consensus estimate of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm’s quarterly revenue was up 81.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.57) EPS. Equities research analysts predict that Micron Technology, Inc. will post 0.39 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 23rd. Stockholders of record on Monday, July 8th will be issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.35%. The ex-dividend date is Monday, July 8th. Micron Technology’s dividend payout ratio is currently -32.39%.

Analyst Ratings Changes

A number of research analysts recently weighed in on MU shares. Susquehanna boosted their price target on Micron Technology from $143.00 to $185.00 and gave the company a “positive” rating in a research report on Monday, June 17th. Raymond James upped their price target on shares of Micron Technology from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Needham & Company LLC raised their price objective on Micron Technology from $120.00 to $150.00 and gave the company a “buy” rating in a research report on Thursday. Argus raised shares of Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target for the company in a report on Thursday, March 21st. Finally, Fox Advisors upgraded Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, Micron Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.52.

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.