NorthCrest Asset Manangement LLC Has $3.33 Million Stock Position in Micron Technology, Inc. (NASDAQ:MU)

NorthCrest Asset Manangement LLC grew its position in Micron Technology, Inc. (NASDAQ:MU) by 0.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 38,269 shares of the semiconductor manufacturer’s stock after buying an additional 267 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Micron Technology were worth $3,325,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sunbeam Capital Management LLC bought a new stake in Micron Technology during the 4th quarter worth about $26,000. Beacon Capital Management LLC raised its holdings in shares of Micron Technology by 114.9% in 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 during the period. Midwest Capital Advisors LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $33,000. Curio Wealth LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $34,000. Finally, Hurley Capital LLC bought a new position in Micron Technology in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Micron Technology Stock Performance

NASDAQ MU opened at $115.60 on Friday. The company’s 50 day moving average is $88.20 and its 200-day moving average is $92.60. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The firm has a market cap of $129.19 billion, a P/E ratio of 33.31 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company had revenue of $8.05 billion for the quarter, compared to analyst estimates of $7.93 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. Sell-side analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.115 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.40%. Micron Technology’s dividend payout ratio is currently 11.03%.

Insider Activity at Micron Technology

In other Micron Technology news, Director Mary Pat Mccarthy sold 2,404 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $80.00, for a total value of $192,320.00. Following the completion of the transaction, the director now owns 24,954 shares of the company’s stock, valued at $1,996,320. The trade was a 8.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 3,562 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $110.46, for a total transaction of $393,458.52. Following the completion of the transaction, the chief executive officer now directly owns 391,113 shares of the company’s stock, valued at approximately $43,202,341.98. This represents a 0.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,904 shares of company stock valued at $4,665,124. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Royal Bank of Canada set a $125.00 target price on shares of Micron Technology in a research report on Wednesday, March 19th. Wedbush reiterated an “underperform” rating on shares of Micron Technology in a research report on Monday, April 28th. Cantor Fitzgerald reissued an “overweight” rating and issued a $130.00 price objective on shares of Micron Technology in a research note on Friday, March 21st. UBS Group raised their price target on shares of Micron Technology from $92.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 5th. Finally, Citigroup raised their price target on shares of Micron Technology from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $129.00.

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.