Harvey Capital Management Inc. Purchases Shares of 24,360 Micron Technology, Inc. (NASDAQ:MU)

Harvey Capital Management Inc. acquired a new position in Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,360 shares of the semiconductor manufacturer’s stock, valued at approximately $2,050,000.

Other large investors have also modified their holdings of the company. Exchange Traded Concepts LLC boosted its holdings in Micron Technology by 219.6% during the third quarter. Exchange Traded Concepts LLC now owns 5,290 shares of the semiconductor manufacturer’s stock valued at $549,000 after acquiring an additional 3,635 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Micron Technology by 8.2% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 3,177 shares of the semiconductor manufacturer’s stock worth $329,000 after purchasing an additional 242 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in Micron Technology during the 3rd quarter valued at approximately $136,000. Creative Planning boosted its stake in Micron Technology by 8.1% during the 3rd quarter. Creative Planning now owns 161,774 shares of the semiconductor manufacturer’s stock valued at $16,751,000 after purchasing an additional 12,168 shares during the period. Finally, Occidental Asset Management LLC grew its holdings in Micron Technology by 65.6% in the 3rd quarter. Occidental Asset Management LLC now owns 3,960 shares of the semiconductor manufacturer’s stock valued at $411,000 after buying an additional 1,569 shares during the last quarter. 80.84% of the stock is owned by institutional investors.

Micron Technology Trading Down 1.9 %

MU stock opened at $94.08 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The stock has a market capitalization of $104.82 billion, a price-to-earnings ratio of 27.11 and a beta of 1.18. The business has a fifty day moving average price of $96.47 and a 200 day moving average price of $98.77. Micron Technology, Inc. has a fifty-two week low of $79.15 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm’s revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.95) earnings per share. Analysts expect that Micron Technology, Inc. will post 6.29 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 30th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology’s dividend payout ratio (DPR) is presently 13.26%.

Insider Buying and Selling at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total value of $416,676.90. Following the transaction, the executive vice president now owns 181,223 shares of the company’s stock, valued at $15,442,011.83. This represents a 2.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. UBS Group cut their price target on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, December 19th. Piper Sandler cut their target price on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Sanford C. Bernstein decreased their price target on shares of Micron Technology from $140.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Rosenblatt Securities restated a “buy” rating and set a $250.00 price objective on shares of Micron Technology in a report on Wednesday, December 18th. Finally, The Goldman Sachs Group reduced their target price on shares of Micron Technology from $145.00 to $128.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat, Micron Technology has a consensus rating of “Moderate Buy” and an average target price of $134.96.

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.