Ellis Investment Partners LLC Purchases 2,768 Shares of Micron Technology, Inc. (NASDAQ:MU)

Ellis Investment Partners LLC increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 75.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,454 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,768 shares during the quarter. Ellis Investment Partners LLC’s holdings in Micron Technology were worth $669,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MU. Wealth Enhancement Advisory Services LLC raised its position in shares of Micron Technology by 13.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 76,479 shares of the semiconductor manufacturer’s stock worth $9,016,000 after purchasing an additional 9,179 shares during the period. Independence Bank of Kentucky bought a new stake in Micron Technology during the 1st quarter worth approximately $127,000. Hennion & Walsh Asset Management Inc. acquired a new stake in Micron Technology during the 1st quarter worth approximately $273,000. Cornerstone Wealth Group LLC bought a new position in Micron Technology in the first quarter valued at approximately $218,000. Finally, Breakwater Capital Group acquired a new position in shares of Micron Technology in the first quarter valued at approximately $230,000. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

Shares of MU traded up $1.06 during mid-day trading on Friday, reaching $107.91. The company’s stock had a trading volume of 12,264,950 shares, compared to its average volume of 22,081,268. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. Micron Technology, Inc. has a 1-year low of $63.88 and a 1-year high of $157.54. The business has a 50-day simple moving average of $99.22 and a two-hundred day simple moving average of $113.89. The stock has a market cap of $119.66 billion, a P/E ratio of -75.99 and a beta of 1.18.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The business had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. During the same quarter in the prior year, the business earned ($1.21) EPS. The firm’s revenue for the quarter was up 93.3% on a year-over-year basis. As a group, equities research analysts anticipate that Micron Technology, Inc. will post 8.31 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Monday, October 7th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date was Monday, October 7th. Micron Technology’s dividend payout ratio is presently -32.39%.

Insider Buying and Selling

In other news, EVP April S. Arnzen sold 4,890 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total value of $552,570.00. Following the transaction, the executive vice president now owns 135,830 shares of the company’s stock, valued at approximately $15,348,790. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MU has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and set a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. Bank of America increased their target price on Micron Technology from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Wedbush restated an “outperform” rating and issued a $140.00 price target on shares of Micron Technology in a report on Thursday, September 26th. TD Cowen increased their price objective on Micron Technology from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Stifel Nicolaus dropped their target price on Micron Technology from $165.00 to $135.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $142.85.

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.