Gemmer Asset Management LLC Raises Position in Micron Technology, Inc. (NASDAQ:MU)

Gemmer Asset Management LLC lifted its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 0.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,885 shares of the semiconductor manufacturer’s stock after acquiring an additional 167 shares during the quarter. Gemmer Asset Management LLC’s holdings in Micron Technology were worth $2,684,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MU. Sunbeam Capital Management LLC purchased a new stake in shares of Micron Technology during the fourth quarter valued at approximately $26,000. Beacon Capital Management LLC grew its holdings in Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer’s stock valued at $31,000 after purchasing an additional 200 shares during the period. Midwest Capital Advisors LLC bought a new position in Micron Technology during the fourth quarter valued at $33,000. Activest Wealth Management grew its holdings in Micron Technology by 583.3% during the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 350 shares during the period. Finally, Comprehensive Financial Planning Inc. PA bought a new position in Micron Technology during the fourth quarter valued at $34,000. 80.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Royal Bank of Canada set a $125.00 price objective on Micron Technology in a report on Wednesday, March 19th. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. Citigroup reduced their price objective on Micron Technology from $120.00 to $110.00 and set a “buy” rating for the company in a report on Friday, April 11th. KGI Securities raised Micron Technology to a “strong-buy” rating in a report on Friday, February 21st. Finally, China Renaissance lowered Micron Technology from a “buy” rating to a “hold” rating and set a $84.00 price objective for the company. in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.20.

Micron Technology Trading Up 2.1%

NASDAQ MU opened at $108.56 on Friday. The stock’s 50-day simple moving average is $83.97 and its two-hundred day simple moving average is $92.17. Micron Technology, Inc. has a twelve month low of $61.54 and a twelve month high of $157.54. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $121.32 billion, a price-to-earnings ratio of 31.29 and a beta of 1.28.

Micron Technology (NASDAQ:MU) last released its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate of $1.43 by $0.13. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the business earned $0.42 earnings per share. The company’s quarterly revenue was up 38.2% on a year-over-year basis. Research analysts forecast that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.115 per share. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.42%. Micron Technology’s dividend payout ratio (DPR) is 11.03%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 25th. The stock was 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 of the company’s stock, valued at approximately $15,847,482.42. This trade represents a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $80.00, for a total value of $192,320.00. Following the completion of the sale, the director now owns 24,954 shares of the company’s stock, valued at $1,996,320. The trade was a 8.79% decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is currently owned by company insiders.

About Micron Technology

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.