Kennedy Investment Group Takes $1.76 Million Position in Micron Technology, Inc. (NASDAQ:MU)

Kennedy Investment Group acquired a new position in Micron Technology, Inc. (NASDAQ:MU - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 16,927 shares of the semiconductor manufacturer's stock, valued at approximately $1,755,000. Micron Technology accounts for approximately 0.8% of Kennedy Investment Group's investment portfolio, making the stock its 29th biggest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Hobbs Group Advisors LLC acquired a new stake in shares of Micron Technology during the second quarter valued at approximately $28,000. DecisionPoint Financial LLC bought a new stake in Micron Technology during the first quarter worth approximately $25,000. Valued Wealth Advisors LLC grew its position in shares of Micron Technology by 230.7% in the first quarter. Valued Wealth Advisors LLC now owns 248 shares of the semiconductor manufacturer's stock valued at $29,000 after purchasing an additional 173 shares during the last quarter. Richard W. Paul & Associates LLC increased its holdings in shares of Micron Technology by 128.6% during the 2nd quarter. Richard W. Paul & Associates LLC now owns 256 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 144 shares during the period. Finally, LRI Investments LLC lifted its position in Micron Technology by 57.2% in the second quarter. LRI Investments LLC now owns 272 shares of the semiconductor manufacturer's stock worth $36,000 after purchasing an additional 99 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Micron Technology Price Performance

Shares of MU traded down $2.07 during midday trading on Monday, reaching $109.08. The stock had a trading volume of 14,799,290 shares, compared to its average volume of 22,248,359. The company has a current ratio of 2.64, a quick ratio of 1.68 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $120.95 billion, a price-to-earnings ratio of -76.89 and a beta of 1.18. The company's 50-day moving average is $98.64 and its 200 day moving average is $114.38. Micron Technology, Inc. has a 12-month low of $63.88 and a 12-month high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last released its quarterly earnings data on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 EPS for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The firm had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $7.65 billion. During the same quarter in the previous year, the business earned ($1.21) earnings per share. The company's quarterly revenue was up 93.3% on a year-over-year basis. On average, equities analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Monday, October 7th will be given a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend is Monday, October 7th. Micron Technology's payout ratio is currently -32.39%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm's stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the sale, the executive vice president now directly owns 135,830 shares in the company, valued at approximately $15,348,790. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.32% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. UBS Group dropped their target price on Micron Technology from $153.00 to $135.00 and set a "buy" rating for the company in a research report on Tuesday, September 17th. Raymond James raised their price objective on shares of Micron Technology from $125.00 to $140.00 and gave the stock an "outperform" rating in a report on Thursday, September 26th. Wedbush reaffirmed an "outperform" rating and set a $140.00 price target on shares of Micron Technology in a research note on Thursday, September 26th. Morgan Stanley raised their price target on Micron Technology from $100.00 to $114.00 and gave the company an "equal weight" rating in a research note on Thursday, September 26th. Finally, Bank of America raised their price objective on Micron Technology from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Micron Technology currently has an average rating of "Moderate Buy" and an average price target 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.