Elevate Capital Advisors LLC Purchases New Stake in Micron Technology, Inc. (NASDAQ:MU)

Elevate Capital Advisors LLC acquired a new position in shares of Micron Technology, Inc. (NASDAQ:MU) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 11,517 shares of the semiconductor manufacturer’s stock, valued at approximately $969,000.

Other large investors also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC acquired a new position in Micron Technology in the third quarter valued at approximately $26,000. Stone House Investment Management LLC lifted its stake in shares of Micron Technology by 602.2% in the 3rd quarter. Stone House Investment Management LLC now owns 323 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 277 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Micron Technology by 1,096.3% during the 3rd quarter. True Wealth Design LLC now owns 323 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 296 shares during the period. DT Investment Partners LLC grew its holdings in shares of Micron Technology by 261.1% during the 3rd quarter. DT Investment Partners LLC now owns 325 shares of the semiconductor manufacturer’s stock worth $34,000 after purchasing an additional 235 shares during the period. Finally, Darwin Wealth Management LLC purchased a new stake in Micron Technology in the 3rd quarter valued at about $39,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MU. Robert W. Baird lowered their target price on shares of Micron Technology from $150.00 to $130.00 and set an “outperform” rating for the company in a research note on Thursday, December 19th. Mizuho lowered their price objective on shares of Micron Technology from $135.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, December 19th. Barclays cut their target price on Micron Technology from $145.00 to $110.00 and set an “overweight” rating on the stock in a research report on Friday, December 20th. Bank of America lowered Micron Technology from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Finally, TD Cowen cut their price objective on Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, Micron Technology currently has an average rating of “Moderate Buy” and a consensus target price of $134.96.

Micron Technology Price Performance

MU stock opened at $92.30 on Monday. The business has a 50 day moving average price of $96.63 and a 200 day moving average price of $99.04. 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 stock has a market cap of $102.84 billion, a price-to-earnings ratio of 26.60 and a beta of 1.18. Micron Technology, Inc. has a fifty-two week low of $79.15 and a fifty-two week high of $157.54.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The business had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.71 billion. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The company’s revenue was up 84.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.95) EPS. Equities research analysts anticipate that Micron Technology, Inc. will post 6.29 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were issued a dividend of $0.115 per share. This represents a $0.46 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Monday, December 30th. Micron Technology’s payout ratio is 13.26%.

Insider Transactions at Micron Technology

In other news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at approximately $15,442,011.83. This trade represents a 2.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

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.