Harvest Fund Management Co. Ltd Acquires 4,582 Shares of Micron Technology, Inc. (NASDAQ:MU)

Harvest Fund Management Co. Ltd increased its holdings in shares of Micron Technology, Inc. (NASDAQ:MU) by 34.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,940 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,582 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Micron Technology were worth $1,530,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MU. OFI Invest Asset Management bought a new position in Micron Technology in the 3rd quarter valued at $27,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Micron Technology in the 3rd quarter valued at $28,000. VisionPoint Advisory Group LLC boosted its position in Micron Technology by 68.3% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 488 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 198 shares during the last quarter. Cape Investment Advisory Inc. lifted its stake in shares of Micron Technology by 51.0% in the 3rd quarter. Cape Investment Advisory Inc. now owns 592 shares of the semiconductor manufacturer’s stock valued at $40,000 after purchasing an additional 200 shares during the period. Finally, Clear Street Markets LLC lifted its stake in shares of Micron Technology by 67.5% in the 3rd quarter. Clear Street Markets LLC now owns 623 shares of the semiconductor manufacturer’s stock valued at $42,000 after purchasing an additional 251 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Performance

Micron Technology stock traded up $3.34 during midday trading on Tuesday, reaching $112.46. 17,854,605 shares of the company’s stock were exchanged, compared to its average volume of 20,590,105. Micron Technology, Inc. has a 52 week low of $58.03 and a 52 week high of $130.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.40 and a current ratio of 3.74. The firm has a market cap of $124.53 billion, a price-to-earnings ratio of -32.60 and a beta of 1.27. The stock’s 50-day simple moving average is $104.04 and its 200 day simple moving average is $87.52.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative return on equity of 8.98% and a negative net margin of 20.57%. The business had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the company posted ($2.03) earnings per share. Micron Technology’s quarterly revenue was up 57.7% on a year-over-year basis. On average, analysts expect that Micron Technology, Inc. will post 0.24 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were issued a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Thursday, March 28th. Micron Technology’s payout ratio is currently -13.33%.

Insider Buying and Selling

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the completion of the sale, the chief executive officer now directly owns 719,049 shares in the company, valued at $86,789,214.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $119.30, for a total transaction of $583,377.00. Following the completion of the sale, the executive vice president now directly owns 148,817 shares in the company, valued at $17,753,868.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sanjay Mehrotra sold 7,000 shares of Micron Technology stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $120.70, for a total transaction of $844,900.00. Following the completion of the sale, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $86,789,214.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 306,890 shares of company stock worth $33,005,157. Company insiders own 0.32% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the topic of a number of analyst reports. Argus raised Micron Technology from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research note on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price target on shares of Micron Technology in a research note on Monday, March 18th. Fox Advisors raised Micron Technology from an “equal weight” rating to an “overweight” rating in a research note on Thursday, March 21st. Mizuho increased their price target on Micron Technology from $105.00 to $124.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Finally, Citigroup reissued a “buy” rating and issued a $150.00 price target on shares of Micron Technology in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $122.20.

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.