Monaco Asset Management SAM Makes New $6.71 Million Investment in Micron Technology, Inc. (NASDAQ:MU)

Monaco Asset Management SAM purchased a new stake in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, according to its most recent filing with the SEC. The firm purchased 51,000 shares of the semiconductor manufacturer’s stock, valued at approximately $6,708,000. Micron Technology accounts for 1.1% of Monaco Asset Management SAM’s portfolio, making the stock its 13th biggest holding.

Several other large investors have also recently made changes to their positions in MU. AGF Management Ltd. purchased a new stake in Micron Technology during the fourth quarter valued at approximately $1,170,000. Johnson Investment Counsel Inc. boosted its position in shares of Micron Technology by 66.6% in the 4th quarter. Johnson Investment Counsel Inc. now owns 5,068 shares of the semiconductor manufacturer’s stock worth $433,000 after purchasing an additional 2,026 shares in the last quarter. Jump Financial LLC grew its stake in Micron Technology by 459.1% during the 4th quarter. Jump Financial LLC now owns 17,093 shares of the semiconductor manufacturer’s stock worth $1,459,000 after buying an additional 14,036 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Micron Technology by 4.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 58,075 shares of the semiconductor manufacturer’s stock worth $4,956,000 after buying an additional 2,689 shares during the last quarter. Finally, Ieq Capital LLC increased its position in Micron Technology by 18.6% during the 4th quarter. Ieq Capital LLC now owns 45,581 shares of the semiconductor manufacturer’s stock valued at $3,890,000 after buying an additional 7,153 shares in the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Trading Down 0.1 %

Shares of Micron Technology stock opened at $86.27 on Tuesday. The firm has a 50-day simple moving average of $107.82 and a two-hundred day simple moving average of $115.04. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. Micron Technology, Inc. has a fifty-two week low of $63.83 and a fifty-two week high of $157.54. The company has a market cap of $95.66 billion, a P/E ratio of -60.75 and a beta of 1.17.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $6.81 billion during the quarter, compared to analysts’ expectations of $6.67 billion. During the same quarter in the prior year, the firm posted ($1.57) EPS. Micron Technology’s quarterly revenue was up 81.5% compared to the same quarter last year. As a group, equities analysts predict that Micron Technology, Inc. will post 0.61 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 23rd. Investors of record on Monday, July 8th were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, July 8th. This represents a $0.46 dividend on an annualized basis and a yield of 0.53%. Micron Technology’s dividend payout ratio is currently -32.39%.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of research analyst reports. Cantor Fitzgerald boosted their price target on Micron Technology from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, June 17th. Needham & Company LLC dropped their target price on shares of Micron Technology from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Citigroup raised their price target on shares of Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Susquehanna dropped their price objective on shares of Micron Technology from $185.00 to $175.00 and set a “positive” rating on the stock in a report on Thursday, August 22nd. Finally, Mizuho upped their target price on Micron Technology from $150.00 to $155.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Two analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $157.12.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the completion of the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Sanjay Mehrotra sold 34,284 shares of Micron Technology stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 719,049 shares in the company, valued at $109,496,781.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total value of $664,355.40. Following the transaction, the executive vice president now owns 142,321 shares in the company, valued at approximately $19,335,731.06. The disclosure for this sale can be found here. 0.32% of the stock is owned by insiders.

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.