Hoey Investments Inc. Buys 9,270 Shares of Micron Technology, Inc. (NASDAQ:MU)

Hoey Investments Inc. lifted its stake in Micron Technology, Inc. (NASDAQ:MU) by 22,609.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,311 shares of the semiconductor manufacturer’s stock after purchasing an additional 9,270 shares during the period. Micron Technology accounts for approximately 0.2% of Hoey Investments Inc.’s holdings, making the stock its 29th largest holding. Hoey Investments Inc.’s holdings in Micron Technology were worth $809,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Micron Technology by 18.3% in the fourth quarter. Brighton Jones LLC now owns 6,318 shares of the semiconductor manufacturer’s stock valued at $532,000 after purchasing an additional 976 shares in the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Micron Technology by 7.3% during the fourth quarter. Kingsview Wealth Management LLC now owns 4,867 shares of the semiconductor manufacturer’s stock worth $410,000 after acquiring an additional 330 shares during the period. Focus Financial Network Inc. boosted its stake in shares of Micron Technology by 69.8% in the fourth quarter. Focus Financial Network Inc. now owns 4,550 shares of the semiconductor manufacturer’s stock valued at $383,000 after buying an additional 1,871 shares during the period. Leavell Investment Management Inc. bought a new stake in shares of Micron Technology in the fourth quarter valued at approximately $290,000. Finally, Gladstone Institutional Advisory LLC lifted its stake in Micron Technology by 25.0% during the fourth quarter. Gladstone Institutional Advisory LLC now owns 8,013 shares of the semiconductor manufacturer’s stock worth $674,000 after purchasing an additional 1,604 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Sanjay Mehrotra sold 3,562 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott J. Deboer sold 20,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $110.00, for a total transaction of $2,200,000.00. Following the transaction, the executive vice president now directly owns 186,353 shares of the company’s stock, valued at approximately $20,498,830. This trade represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,904 shares of company stock valued at $4,665,124 over the last three months. Insiders own 0.30% of the company’s stock.

Micron Technology Stock Down 0.5%

Micron Technology stock opened at $115.60 on Friday. The firm has a 50 day simple moving average of $88.20 and a 200 day simple moving average of $92.60. The firm has a market capitalization of $129.19 billion, a price-to-earnings ratio of 33.31 and a beta of 1.28. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $157.54.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the previous year, the firm posted $0.42 EPS. The firm’s revenue was up 38.2% compared to the same quarter last year. On average, analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on MU. KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Citigroup increased their price target on Micron Technology from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Wedbush restated an “underperform” rating on shares of Micron Technology in a research note on Monday, April 28th. Rosenblatt Securities reduced their target price on Micron Technology from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Friday, March 21st. Finally, 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 report on Thursday, June 5th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently 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.