Bank Pictet & Cie Europe AG Buys 7,065 Shares of Micron Technology, Inc. $MU

Bank Pictet & Cie Europe AG grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 16.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,127 shares of the semiconductor manufacturer’s stock after buying an additional 7,065 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Micron Technology were worth $6,055,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MU. Opal Wealth Advisors LLC bought a new position in Micron Technology during the 1st quarter worth approximately $33,000. Roxbury Financial LLC lifted its holdings in Micron Technology by 306.1% in the first quarter. Roxbury Financial LLC now owns 398 shares of the semiconductor manufacturer’s stock valued at $37,000 after buying an additional 300 shares during the period. AllSquare Wealth Management LLC boosted its position in Micron Technology by 100.0% during the first quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. acquired a new stake in Micron Technology during the 1st quarter worth about $36,000. Finally, Harbor Investment Advisory LLC grew its stake in Micron Technology by 240.0% during the first quarter. Harbor Investment Advisory LLC now owns 425 shares of the semiconductor manufacturer’s stock worth $37,000 after purchasing an additional 300 shares during the period. 80.84% of the stock is owned by institutional investors and hedge funds.

Micron Technology Price Performance

Micron Technology stock opened at $156.83 on Friday. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $170.45. The company’s 50 day moving average price is $127.44 and its two-hundred day moving average price is $107.55. The company has a quick ratio of 1.89, a current ratio of 2.52 and a debt-to-equity ratio of 0.26. The stock has a market cap of $175.51 billion, a P/E ratio of 20.66 and a beta of 1.47.

Micron Technology (NASDAQ:MU) last released its earnings results on Wednesday, June 25th. The semiconductor manufacturer reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.34. The company had revenue of $9.30 billion during the quarter, compared to analyst estimates of $8.83 billion. Micron Technology had a return on equity of 17.21% and a net margin of 22.84%.During the same period in the prior year, the company posted $0.62 earnings per share. On average, equities analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 annualized dividend and a dividend yield of 0.3%. Micron Technology’s dividend payout ratio (DPR) is currently 8.29%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. CLSA initiated coverage on shares of Micron Technology in a research note on Wednesday, August 27th. They issued an “outperform” rating and a $155.00 price target for the company. Wedbush upped their target price on Micron Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a research report on Wednesday. Rosenblatt Securities increased their target price on Micron Technology from $200.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday. Wolfe Research raised their price objective on shares of Micron Technology from $160.00 to $180.00 and gave the company an “outperform” rating in a research note on Wednesday, September 17th. Finally, Stifel Nicolaus boosted their target price on shares of Micron Technology from $173.00 to $195.00 and gave the stock a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.77.

Insiders Place Their Bets

In related news, EVP Manish H. Bhatia sold 80,000 shares of the firm’s stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $123.16, for a total transaction of $9,852,800.00. Following the completion of the sale, the executive vice president owned 275,067 shares in the company, valued at approximately $33,877,251.72. This trade represents a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Sanjay Mehrotra sold 13,798 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $162.20, for a total transaction of $2,238,035.60. Following the completion of the transaction, the chief executive officer owned 325,148 shares in the company, valued at approximately $52,739,005.60. The trade was a 4.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 156,308 shares of company stock valued at $19,804,967. 0.30% of the stock is owned by company insiders.

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.