QRG Capital Management Inc. Grows Stake in Micron Technology, Inc. $MU

QRG Capital Management Inc. lifted its position in Micron Technology, Inc. (NASDAQ:MU) by 8.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 216,912 shares of the semiconductor manufacturer’s stock after buying an additional 16,007 shares during the period. QRG Capital Management Inc.’s holdings in Micron Technology were worth $26,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MU. Opal Wealth Advisors LLC purchased a new position in shares of Micron Technology in the 1st quarter worth $33,000. AllSquare Wealth Management LLC boosted its stake in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 200 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. purchased a new position in Micron Technology during the first quarter valued at $36,000. Hilltop National Bank purchased a new position in Micron Technology during the second quarter valued at $37,000. Finally, Saudi Central Bank purchased a new position in Micron Technology during the first quarter valued at $38,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Richard M. Beyer sold 5,552 shares of the business’s stock in a transaction dated Thursday, September 25th. The stock was sold at an average price of $155.68, for a total value of $864,335.36. Following the transaction, the director directly owned 96,031 shares in the company, valued at $14,950,106.08. The trade was a 5.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $164.04, for a total value of $2,460,600.00. Following the completion of the transaction, the executive vice president owned 131,580 shares in the company, valued at $21,584,383.20. The trade was a 10.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 109,456 shares of company stock valued at $15,698,445. Insiders own 0.30% of the company’s stock.

Micron Technology Price Performance

Shares of Micron Technology stock opened at $187.83 on Friday. The stock’s 50-day simple moving average is $134.89 and its 200-day simple moving average is $110.70. Micron Technology, Inc. has a 52 week low of $61.54 and a 52 week high of $191.85. The company has a market capitalization of $210.20 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 0.40 and a beta of 1.56. The company has a quick ratio of 1.79, a current ratio of 2.52 and a debt-to-equity ratio of 0.26.

Micron Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Friday, October 3rd. Micron Technology’s payout ratio is presently 6.06%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Arete Research upgraded Micron Technology to a “strong-buy” rating in a research report on Friday, July 18th. Wolfe Research lifted their target price on Micron Technology from $160.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, September 17th. Summit Insights upgraded Micron Technology to a “strong-buy” rating in a research report on Tuesday, September 23rd. Erste Group Bank assumed coverage on Micron Technology in a research report on Thursday, August 14th. They set a “buy” rating on the stock. Finally, Barclays lifted their target price on Micron Technology from $140.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, September 19th. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $184.77.

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.