Easterly Investment Partners LLC Buys 41,080 Shares of Micron Technology, Inc. (NASDAQ:MU)

Easterly Investment Partners LLC increased its stake in Micron Technology, Inc. (NASDAQ:MU) by 972.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,305 shares of the semiconductor manufacturer’s stock after buying an additional 41,080 shares during the period. Easterly Investment Partners LLC’s holdings in Micron Technology were worth $3,937,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $1,470,875,000. Capital World Investors increased its stake in shares of Micron Technology by 63.7% during the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer’s stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. FMR LLC increased its stake in shares of Micron Technology by 34.6% during the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer’s stock valued at $4,012,114,000 after purchasing an additional 12,249,341 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Micron Technology by 139.7% during the fourth quarter. Capital Research Global Investors now owns 16,281,620 shares of the semiconductor manufacturer’s stock valued at $1,370,280,000 after purchasing an additional 9,489,579 shares in the last quarter. Finally, Capital International Investors increased its stake in shares of Micron Technology by 36.3% during the fourth quarter. Capital International Investors now owns 16,437,080 shares of the semiconductor manufacturer’s stock valued at $1,383,442,000 after purchasing an additional 4,375,232 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $125.12, for a total value of $1,876,800.00. Following the completion of the sale, the executive vice president directly owned 148,167 shares of the company’s stock, valued at $18,538,655.04. The trade was a 9.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Sumit Sadana sold 92,638 shares of the business’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the completion of the sale, the executive vice president directly owned 201,326 shares of the company’s stock, valued at approximately $25,264,399.74. This trade represents a 31.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 254,446 shares of company stock worth $31,154,717 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus increased their price target on shares of Micron Technology from $130.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, June 26th. Susquehanna increased their price target on shares of Micron Technology from $150.00 to $160.00 and gave the company a “positive” rating in a report on Thursday, June 26th. Rosenblatt Securities increased their price target on shares of Micron Technology from $172.00 to $200.00 and gave the company a “buy” rating in a report on Monday, June 23rd. Wall Street Zen upgraded shares of Micron Technology from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Finally, Needham & Company LLC raised their target price on shares of Micron Technology from $120.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $146.44.

Micron Technology Stock Performance

Shares of NASDAQ MU opened at $116.43 on Thursday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.89 and a current ratio of 2.75. The company has a market cap of $130.30 billion, a P/E ratio of 20.98 and a beta of 1.35. The firm’s fifty day moving average is $110.26 and its two-hundred day moving average is $96.52. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $129.85.

Micron Technology (NASDAQ:MU) 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. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the previous year, the firm posted $0.62 EPS. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 22nd. Investors of record on Monday, July 7th will be paid a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, July 7th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.40%. Micron Technology’s dividend payout ratio is presently 8.29%.

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.