Morse Asset Management Inc Purchases 46,636 Shares of Micron Technology, Inc. (NASDAQ:MU)

Morse Asset Management Inc boosted its position in shares of Micron Technology, Inc. (NASDAQ:MU) by 322.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 61,097 shares of the semiconductor manufacturer’s stock after purchasing an additional 46,636 shares during the quarter. Micron Technology comprises 1.8% of Morse Asset Management Inc’s holdings, making the stock its 15th biggest position. Morse Asset Management Inc’s holdings in Micron Technology were worth $7,203,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Tidemark LLC bought a new stake in shares of Micron Technology in the 4th quarter valued at about $25,000. DecisionPoint Financial LLC bought a new stake in Micron Technology during the 1st quarter worth approximately $25,000. Pingora Partners LLC bought a new stake in Micron Technology during the 4th quarter worth approximately $26,000. Frank Rimerman Advisors LLC bought a new stake in Micron Technology during the 4th quarter worth approximately $29,000. Finally, Valued Wealth Advisors LLC increased its stake in Micron Technology by 230.7% during the 1st quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 173 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Insider Activity at Micron Technology

In related news, EVP Manish H. Bhatia sold 53,317 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares of the company’s stock, valued at $38,032,602.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $114.87, for a total transaction of $804,090.00. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at $82,597,158.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Manish H. Bhatia sold 53,317 shares of Micron Technology stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $119.18, for a total value of $6,354,320.06. Following the sale, the executive vice president now directly owns 319,119 shares in the company, valued at $38,032,602.42. The disclosure for this sale can be found here. Insiders have sold 236,730 shares of company stock valued at $29,435,039 over the last ninety days. 0.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MU has been the subject of a number of research reports. Barclays increased their target price on Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. UBS Group reduced their price target on Micron Technology from $155.00 to $153.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. JPMorgan Chase & Co. upped their price target on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Wedbush reaffirmed an “outperform” rating and set a $170.00 price target on shares of Micron Technology in a research report on Thursday, June 27th. Finally, Bank of America upped their price target on Micron Technology from $144.00 to $170.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Two research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Micron Technology has an average rating of “Moderate Buy” and an average target price of $158.72.

Micron Technology Stock Performance

MU stock traded up $1.96 during trading hours on Friday, hitting $109.41. 18,547,885 shares of the stock were exchanged, compared to its average volume of 22,686,388. The company has a current ratio of 3.41, a quick ratio of 2.16 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $121.32 billion, a P/E ratio of -77.05 and a beta of 1.18. The company has a 50-day simple moving average of $131.01 and a two-hundred day simple moving average of $112.25. Micron Technology, Inc. has a 12 month low of $61.75 and a 12 month high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The firm had revenue of $6.81 billion for the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter last year, the business earned ($1.57) EPS. The company’s quarterly revenue was up 81.5% compared to the same quarter last year. On average, analysts forecast that Micron Technology, Inc. will post 0.58 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend was Monday, July 8th. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

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.