Angeles Wealth Management LLC Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Angeles Wealth Management LLC acquired a new stake in shares of Micron Technology, Inc. (NASDAQ:MU) during the 4th quarter, Holdings Channel reports. The fund acquired 3,109 shares of the semiconductor manufacturer’s stock, valued at approximately $265,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Micron Technology in the 4th quarter valued at $769,372,000. FMR LLC increased its holdings in Micron Technology by 47.9% in the 3rd quarter. FMR LLC now owns 21,899,184 shares of the semiconductor manufacturer’s stock valued at $1,489,801,000 after acquiring an additional 7,089,790 shares during the last quarter. Wellington Management Group LLP increased its holdings in Micron Technology by 43.4% in the 3rd quarter. Wellington Management Group LLP now owns 17,383,628 shares of the semiconductor manufacturer’s stock valued at $1,182,608,000 after acquiring an additional 5,257,201 shares during the last quarter. Morgan Stanley increased its holdings in Micron Technology by 19.7% in the 3rd quarter. Morgan Stanley now owns 17,303,400 shares of the semiconductor manufacturer’s stock valued at $1,177,151,000 after acquiring an additional 2,852,688 shares during the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Micron Technology by 125.0% in the 4th quarter. California Public Employees Retirement System now owns 4,541,662 shares of the semiconductor manufacturer’s stock worth $387,585,000 after buying an additional 2,523,267 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MU has been the subject of a number of recent research reports. Robert W. Baird raised shares of Micron Technology from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $115.00 to $150.00 in a research note on Monday, May 6th. Mizuho lifted their price objective on shares of Micron Technology from $150.00 to $155.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Barclays lifted their price objective on shares of Micron Technology from $120.00 to $145.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th. StockNews.com raised shares of Micron Technology from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $140.00 price target on shares of Micron Technology in a research note on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat, Micron Technology currently has a consensus rating of “Moderate Buy” and an average target price of $128.76.

Insider Activity at Micron Technology

In other Micron Technology news, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $126.14, for a total value of $882,980.00. Following the completion of the transaction, the chief executive officer now owns 719,049 shares of the company’s stock, valued at $90,700,840.86. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Micron Technology news, SVP Michael W. Bokan sold 15,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $123.42, for a total value of $1,851,300.00. Following the completion of the transaction, the senior vice president now owns 138,387 shares of the company’s stock, valued at $17,079,723.54. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sanjay Mehrotra sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $126.14, for a total transaction of $882,980.00. Following the completion of the transaction, the chief executive officer now directly owns 719,049 shares of the company’s stock, valued at approximately $90,700,840.86. The disclosure for this sale can be found here. Insiders sold 372,446 shares of company stock valued at $44,205,683 over the last 90 days. Insiders own 0.32% of the company’s stock.

Micron Technology Price Performance

Shares of MU opened at $130.94 on Friday. Micron Technology, Inc. has a fifty-two week low of $60.50 and a fifty-two week high of $134.13. The company has a 50 day moving average price of $122.04 and a 200-day moving average price of $99.26. 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 stock has a market capitalization of $145.00 billion, a PE ratio of -37.95 and a beta of 1.21.

Micron Technology (NASDAQ:MU) last posted its earnings results on Wednesday, March 20th. The semiconductor manufacturer reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.69. Micron Technology had a negative net margin of 20.57% and a negative return on equity of 8.98%. The company had revenue of $5.82 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the company posted ($2.03) earnings per share. Micron Technology’s revenue for the quarter was up 57.7% compared to the same quarter last year. Equities analysts predict that Micron Technology, Inc. will post 0.29 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 16th. Investors of record on Monday, April 1st were given a dividend of $0.115 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.46 dividend on an annualized basis and a yield of 0.35%. Micron Technology’s payout ratio is -13.33%.

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.