Trivest Advisors Ltd Makes New $80.05 Million Investment in Micron Technology, Inc. (NASDAQ:MU)

Trivest Advisors Ltd bought a new position in Micron Technology, Inc. (NASDAQ:MU) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 921,300 shares of the semiconductor manufacturer’s stock, valued at approximately $80,052,000. Micron Technology accounts for about 6.8% of Trivest Advisors Ltd’s investment portfolio, making the stock its 7th largest position. Trivest Advisors Ltd owned approximately 0.08% of Micron Technology at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Valliance Asset Management Ltd grew its position in Micron Technology by 51.9% in the 1st quarter. Valliance Asset Management Ltd now owns 5,000 shares of the semiconductor manufacturer’s stock worth $434,000 after purchasing an additional 1,708 shares during the period. Federated Hermes Inc. grew its position in Micron Technology by 2.1% in the 1st quarter. Federated Hermes Inc. now owns 457,691 shares of the semiconductor manufacturer’s stock worth $39,769,000 after purchasing an additional 9,226 shares during the period. N.E.W. Advisory Services LLC bought a new stake in Micron Technology in the 1st quarter worth approximately $135,000. Meeder Advisory Services Inc. grew its position in Micron Technology by 6.3% in the 1st quarter. Meeder Advisory Services Inc. now owns 21,074 shares of the semiconductor manufacturer’s stock worth $1,831,000 after purchasing an additional 1,253 shares during the period. Finally, JSF Financial LLC grew its position in Micron Technology by 4.4% in the 1st quarter. JSF Financial LLC now owns 3,568 shares of the semiconductor manufacturer’s stock worth $310,000 after purchasing an additional 149 shares during the period. Institutional investors own 80.84% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Micron Technology from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Thursday, June 26th. Morgan Stanley lifted their price target on shares of Micron Technology from $98.00 to $135.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 26th. Arete Research upgraded shares of Micron Technology to a “strong-buy” rating in a research note on Friday, July 18th. Wells Fargo & Company lifted their price target on shares of Micron Technology from $150.00 to $170.00 and gave the stock an “overweight” rating in a research note on Thursday, June 26th. Finally, Mizuho lifted their price target on shares of Micron Technology from $124.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $146.44.

Insider Activity

In other news, EVP Sumit Sadana sold 92,638 shares of the company’s stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $125.49, for a total transaction of $11,625,142.62. Following the sale, the executive vice president directly owned 201,326 shares in the company, valued at approximately $25,264,399.74. This represents a 31.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Manish H. Bhatia sold 80,000 shares of the company’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 sale, the executive vice president owned 275,067 shares in the company, valued at $33,877,251.72. This represents a 22.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 288,446 shares of company stock worth $34,871,597. 0.30% of the stock is owned by insiders.

Micron Technology Stock Down 0.0%

Shares of NASDAQ MU opened at $111.25 on Tuesday. The firm’s 50-day moving average price is $113.19 and its 200-day moving average price is $97.62. The company has a current ratio of 2.75, a quick ratio of 1.89 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $124.50 billion, a price-to-earnings ratio of 20.05 and a beta of 1.35. Micron Technology, Inc. has a 12-month low of $61.54 and a 12-month high of $129.85.

Micron Technology (NASDAQ:MU) last announced 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 firm had revenue of $9.30 billion for the quarter, compared to analysts’ expectations of $8.83 billion. Micron Technology had a net margin of 18.41% and a return on equity of 13.60%. During the same period in the prior year, the company earned $0.62 EPS. On average, equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 22nd. Stockholders of record on Monday, July 7th were given a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.41%. The ex-dividend date was Monday, July 7th. Micron Technology’s dividend payout ratio is 8.29%.

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.