Mount Lucas Management LP Invests $130,000 in Micron Technology, Inc. (NASDAQ:MU)

Mount Lucas Management LP purchased a new position in Micron Technology, Inc. (NASDAQ:MU) during the second quarter, Holdings Channel.com reports. The fund purchased 986 shares of the semiconductor manufacturer’s stock, valued at approximately $130,000.

Several other institutional investors have also bought and sold shares of the company. Tidemark LLC bought a new position in Micron Technology during the fourth quarter worth about $25,000. DecisionPoint Financial LLC purchased a new stake in shares of Micron Technology during the 1st quarter valued at approximately $25,000. Pingora Partners LLC bought a new position in Micron Technology in the 4th quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in Micron Technology in the 2nd quarter worth approximately $28,000. Finally, Frank Rimerman Advisors LLC purchased a new position in Micron Technology in the 4th quarter valued at approximately $29,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Insider Transactions at Micron Technology

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $135.86, for a total transaction of $664,355.40. Following the sale, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at approximately $19,335,731.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Sanjay Mehrotra sold 7,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $134.57, for a total value of $941,990.00. Following the sale, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $96,762,423.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $135.86, for a total transaction of $664,355.40. Following the transaction, the executive vice president now directly owns 142,321 shares of the company’s stock, valued at $19,335,731.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,174 shares of company stock valued at $6,827,113. Company insiders own 0.32% of the company’s stock.

Wall Street Analyst Weigh In

MU has been the topic of several recent research reports. JPMorgan Chase & Co. increased their target price on Micron Technology from $130.00 to $180.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Citigroup raised their target price on Micron Technology from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Piper Sandler upped their price target on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, June 27th. Cantor Fitzgerald raised their price objective on shares of Micron Technology from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Monday, June 17th. Finally, KeyCorp decreased their target price on shares of Micron Technology from $165.00 to $145.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $157.12.

Micron Technology Trading Down 3.4 %

MU stock opened at $86.38 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The firm’s 50-day moving average price is $108.72 and its two-hundred day moving average price is $115.04. Micron Technology, Inc. has a 12-month low of $63.83 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU) last released its quarterly earnings results on Wednesday, June 26th. The semiconductor manufacturer reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The business had revenue of $6.81 billion during the quarter, compared to analyst estimates of $6.67 billion. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. Micron Technology’s quarterly revenue was up 81.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($1.57) EPS. As a group, analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 23rd. Shareholders of record on Monday, July 8th were issued a $0.115 dividend. The ex-dividend date was Monday, July 8th. This represents a $0.46 annualized dividend and a yield of 0.53%. Micron Technology’s dividend payout ratio (DPR) is presently -32.39%.

Micron Technology 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.