Corundum Group Inc. Acquires Shares of 1,882 Micron Technology, Inc. $MU

Corundum Group Inc. acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 1,882 shares of the semiconductor manufacturer’s stock, valued at approximately $232,000.

A number of other institutional investors have also recently made changes to their positions in MU. Opal Wealth Advisors LLC bought a new position in shares of Micron Technology in the 1st quarter valued at about $33,000. AllSquare Wealth Management LLC lifted its holdings in shares of Micron Technology by 100.0% in the 1st quarter. AllSquare Wealth Management LLC now owns 400 shares of the semiconductor manufacturer’s stock valued at $35,000 after acquiring an additional 200 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new position in shares of Micron Technology in the 1st quarter valued at about $36,000. Hilltop National Bank bought a new position in shares of Micron Technology in the 2nd quarter valued at about $37,000. Finally, Saudi Central Bank bought a new position in shares of Micron Technology in the 1st quarter valued at about $38,000. Institutional investors own 80.84% of the company’s stock.

Analyst Upgrades and Downgrades

MU has been the subject of a number of analyst reports. CLSA initiated coverage on shares of Micron Technology in a report on Wednesday, August 27th. They issued an “outperform” rating and a $155.00 price target for the company. KGI Securities raised shares of Micron Technology from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 24th. Robert W. Baird increased their price objective on shares of Micron Technology from $163.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, June 27th. Cantor Fitzgerald increased their price objective on shares of Micron Technology from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 24th. Finally, The Goldman Sachs Group increased their price objective on shares of Micron Technology from $130.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $184.77.

Insider Buying and Selling at Micron Technology

In other news, Director Richard M. Beyer sold 5,552 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The shares were sold at an average price of $155.68, for a total transaction of $864,335.36. Following the transaction, the director directly owned 96,031 shares of the company’s stock, valued at approximately $14,950,106.08. This trade represents a 5.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary Pat Mccarthy sold 2,404 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $115.67, for a total transaction of $278,070.68. Following the transaction, the director directly owned 20,146 shares in the company, valued at approximately $2,330,287.82. This trade represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 109,456 shares of company stock valued at $15,698,445. 0.30% of the stock is owned by corporate insiders.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $187.83 on Friday. The firm has a market cap of $210.20 billion, a PE ratio of 24.75, a price-to-earnings-growth ratio of 0.40 and a beta of 1.56. The firm’s 50 day simple moving average is $134.89 and its 200-day simple moving average is $110.70. Micron Technology, Inc. has a one year low of $61.54 and a one year high of $191.85. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.79 and a current ratio of 2.52.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 21st. Stockholders of record on Friday, October 3rd will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.2%. Micron Technology’s dividend payout ratio (DPR) is 6.06%.

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.