Davis Rea LTD. Buys 50,000 Shares of Micron Technology, Inc. (NASDAQ:MU)

Davis Rea LTD. boosted its stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 250.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 70,000 shares of the semiconductor manufacturer's stock after acquiring an additional 50,000 shares during the quarter. Micron Technology makes up approximately 3.2% of Davis Rea LTD.'s holdings, making the stock its 15th biggest holding. Davis Rea LTD.'s holdings in Micron Technology were worth $7,260,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. acquired a new position in shares of Micron Technology in the 1st quarter valued at $273,000. Allspring Global Investments Holdings LLC boosted its holdings in Micron Technology by 88.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 482,031 shares of the semiconductor manufacturer's stock worth $56,827,000 after buying an additional 226,191 shares during the last quarter. Valley National Advisers Inc. grew its position in shares of Micron Technology by 65.1% during the 1st quarter. Valley National Advisers Inc. now owns 720 shares of the semiconductor manufacturer's stock worth $84,000 after buying an additional 284 shares during the period. Norden Group LLC increased its stake in shares of Micron Technology by 1,916.7% in the 1st quarter. Norden Group LLC now owns 50,134 shares of the semiconductor manufacturer's stock valued at $5,910,000 after acquiring an additional 47,648 shares during the last quarter. Finally, Kovack Advisors Inc. raised its position in shares of Micron Technology by 7.4% in the 1st quarter. Kovack Advisors Inc. now owns 3,120 shares of the semiconductor manufacturer's stock valued at $368,000 after acquiring an additional 214 shares during the period. Institutional investors own 80.84% of the company's stock.

Insider Activity

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of Micron Technology stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the completion of the transaction, the executive vice president now owns 135,830 shares in the company, valued at approximately $15,348,790. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.32% of the stock is currently owned by company insiders.

Micron Technology Trading Down 4.3 %

NASDAQ:MU traded down $4.43 during trading hours on Thursday, hitting $99.65. 19,097,408 shares of the company were exchanged, compared to its average volume of 21,951,629. 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 fifty day simple moving average of $99.10 and a 200 day simple moving average of $113.51. Micron Technology, Inc. has a one year low of $65.26 and a one year high of $157.54. The stock has a market capitalization of $110.50 billion, a price-to-earnings ratio of -70.47 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, topping 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 firm had revenue of $7.75 billion during the quarter, compared to the consensus estimate of $7.65 billion. During the same period last year, the business posted ($1.21) EPS. The business's revenue was up 93.3% compared to the same quarter last year. Sell-side analysts expect that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MU shares. Wedbush restated an "outperform" rating and set a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. Citigroup reduced their price objective on Micron Technology from $175.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, September 17th. Bank of America lifted their target price on Micron Technology from $110.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. Morgan Stanley upped their price target on Micron Technology from $100.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 26th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $140.00 price objective on shares of Micron Technology in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $143.04.

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.