Cassaday & Co Wealth Management LLC Takes Position in Micron Technology, Inc. (NASDAQ:MU)

Cassaday & Co Wealth Management LLC bought a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 4,238 shares of the semiconductor manufacturer's stock, valued at approximately $357,000.

A number of other hedge funds have also added to or reduced their stakes in MU. Harmony Asset Management LLC lifted its stake in Micron Technology by 75.6% in the third quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer's stock worth $1,233,000 after acquiring an additional 5,120 shares during the period. Lazard Freres Gestion S.A.S. lifted its position in shares of Micron Technology by 241.7% in the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer's stock worth $4,252,000 after purchasing an additional 29,000 shares during the period. Chartwell Investment Partners LLC lifted its position in shares of Micron Technology by 26.4% in the 3rd quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer's stock worth $20,236,000 after purchasing an additional 40,802 shares during the period. Stablepoint Partners LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $569,000. Finally, State Street Corp increased its holdings in Micron Technology by 3.1% during the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock valued at $5,001,592,000 after buying an additional 1,434,568 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Insider Transactions at Micron Technology

In related news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now 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 filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company's stock.

Micron Technology Price Performance

Shares of Micron Technology stock traded down $4.40 on Friday, hitting $98.78. The company's stock had a trading volume of 18,633,227 shares, compared to its average volume of 20,178,224. The firm has a fifty day moving average price of $96.28 and a 200-day moving average price of $98.82. Micron Technology, Inc. has a 1 year low of $83.54 and a 1 year high of $157.54. The company has a market capitalization of $110.06 billion, a price-to-earnings ratio of 28.47 and a beta of 1.18. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.19. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates 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 for the quarter was up 84.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.95) earnings per share. As a group, sell-side analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 30th were given a $0.115 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.46 annualized dividend and a dividend yield of 0.47%. Micron Technology's dividend payout ratio (DPR) is presently 13.26%.

Wall Street Analyst Weigh In

MU has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Mizuho decreased their price objective on Micron Technology from $135.00 to $115.00 and set an "outperform" rating for the company in a research note on Thursday, December 19th. UBS Group cut their price target on shares of Micron Technology from $135.00 to $125.00 and set a "buy" rating on the stock in a report on Thursday, December 19th. Barclays decreased their price objective on Micron Technology from $145.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, December 20th. Finally, China Renaissance initiated coverage on Micron Technology in a research note on Monday, October 28th. They set a "buy" rating and a $148.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have given a buy rating to the company's stock. According to data from MarketBeat.com, Micron Technology presently has an average rating of "Moderate Buy" and a consensus price target of $134.96.

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.