Novem Group Invests $606,000 in Micron Technology, Inc. (NASDAQ:MU)

Novem Group acquired a new stake in Micron Technology, Inc. (NASDAQ:MU) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 7,205 shares of the semiconductor manufacturer’s stock, valued at approximately $606,000.

Other hedge funds have also added to or reduced their stakes in the company. Beacon Capital Management LLC lifted its stake in Micron Technology by 114.9% in the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after buying an additional 200 shares in the last quarter. Midwest Capital Advisors LLC acquired a new stake in shares of Micron Technology during the fourth quarter worth $33,000. Activest Wealth Management lifted its position in Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after acquiring an additional 350 shares in the last quarter. Comprehensive Financial Planning Inc. PA acquired a new position in Micron Technology in the 4th quarter worth $34,000. Finally, Curio Wealth LLC bought a new position in Micron Technology during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Insiders Place Their Bets

In related news, EVP April S. Arnzen sold 15,000 shares of the company’s stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares in the company, valued at approximately $15,847,482.42. This represents a 8.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,808 shares of company stock worth $1,858,424 over the last three months. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MU shares. Barclays cut their price target on Micron Technology from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Wedbush restated an “underperform” rating on shares of Micron Technology in a research note on Monday, April 28th. UBS Group reduced their price target on Micron Technology from $130.00 to $92.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Citigroup lowered their price objective on shares of Micron Technology from $120.00 to $110.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, KGI Securities upgraded shares of Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $126.48.

Micron Technology Stock Down 2.3%

MU opened at $95.84 on Thursday. The stock’s fifty day simple moving average is $83.15 and its 200 day simple moving average is $92.61. Micron Technology, Inc. has a 1-year low of $61.54 and a 1-year high of $157.54. The stock has a market cap of $107.11 billion, a PE ratio of 27.62 and a beta of 1.21. 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 (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company’s quarterly revenue was up 38.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 earnings per share. As a group, research analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.48%. Micron Technology’s dividend payout ratio is currently 11.03%.

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.