Hussman Strategic Advisors Inc. Makes New $777,000 Investment in Micron Technology, Inc. (NASDAQ:MU)
Hussman Strategic Advisors Inc. acquired a new position in Micron Technology, Inc. (NASDAQ:MU - Get Rating) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,500 shares of the semiconductor manufacturer's stock, valued at approximately $777,000.
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A number of other institutional investors and hedge funds also recently bought and sold shares of MU. Washington Trust Advisors Inc. lifted its stake in shares of Micron Technology by 59.2% during the third quarter. Washington Trust Advisors Inc. now owns 551 shares of the semiconductor manufacturer's stock valued at $28,000 after acquiring an additional 205 shares during the period. Wagner Wealth Management LLC bought a new stake in Micron Technology in the second quarter valued at about $29,000. Sound Income Strategies LLC lifted its stake in Micron Technology by 207.0% in the third quarter. Sound Income Strategies LLC now owns 706 shares of the semiconductor manufacturer's stock valued at $35,000 after buying an additional 476 shares during the period. Financial Management Professionals Inc. boosted its stake in Micron Technology by 44.7% during the 3rd quarter. Financial Management Professionals Inc. now owns 689 shares of the semiconductor manufacturer's stock worth $35,000 after acquiring an additional 213 shares during the last quarter. Finally, Trust Co. of Vermont bought a new position in Micron Technology during the 2nd quarter worth approximately $40,000. Institutional investors and hedge funds own 78.02% of the company's stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on MU shares. BMO Capital Markets reduced their price objective on shares of Micron Technology from $80.00 to $70.00 and set an "outperform" rating on the stock in a research note on Friday, September 30th. The Goldman Sachs Group reduced their price objective on shares of Micron Technology to $62.00 in a research note on Wednesday, October 5th. Bank of America reduced their price objective on shares of Micron Technology from $62.00 to $58.00 and set a "neutral" rating on the stock in a research note on Friday, September 30th. Susquehanna Bancshares cut their price target on shares of Micron Technology from $68.00 to $60.00 and set a "positive" rating on the stock in a research note on Monday, September 26th. Finally, Morgan Stanley cut their price target on shares of Micron Technology from $49.00 to $46.00 and set an "underweight" rating on the stock in a research note on Thursday, December 22nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, Micron Technology currently has a consensus rating of "Moderate Buy" and an average price target of $66.21.
Micron Technology Price Performance
NASDAQ:MU opened at $56.85 on Wednesday. Micron Technology, Inc. has a one year low of $48.43 and a one year high of $96.50. The company has a market cap of $62.03 billion, a P/E ratio of 10.32 and a beta of 1.30. The firm's fifty day moving average price is $55.21 and its two-hundred day moving average price is $56.27. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.51 and a quick ratio of 2.23.
Micron Technology (NASDAQ:MU - Get Rating) last released its quarterly earnings data on Wednesday, December 21st. The semiconductor manufacturer reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). Micron Technology had a net margin of 22.78% and a return on equity of 13.26%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same quarter in the prior year, the firm earned $2.07 earnings per share. Micron Technology's revenue for the quarter was down 46.9% on a year-over-year basis. Equities analysts expect that Micron Technology, Inc. will post -2.51 earnings per share for the current year.
Micron Technology Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 19th. Stockholders of record on Tuesday, January 3rd will be given a $0.115 dividend. The ex-dividend date of this dividend is Friday, December 30th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.81%. Micron Technology's payout ratio is presently 8.35%.
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 comprises DRAM products, which are dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; NAND products that are non-volatile and re-writeable semiconductor storage devices; and NOR memory products, which are non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
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