Harmony Asset Management Increases Stake in Micron Technology Inc.

Harmony Asset Management LLC has significantly increased its investment in Micron Technology, Inc. (NASDAQ:MU) by 75.6% during the third quarter. This information comes from Harmony’s latest 13F filing with the Securities and Exchange Commission (SEC). Following this investment, Harmony now holds 11,889 shares of Micron Technology after acquiring an additional 5,120 shares in the last quarter. The value of Harmony's shares in Micron Technology was approximately $1,233,000 at the end of this recent quarter.

Several other institutional investors have also made adjustments to their holdings in Micron Technology. For instance, Highline Wealth Partners LLC entered the company with a new position valued at around $26,000 during the third quarter. Similarly, Hobbs Group Advisors LLC also purchased a new stake worth about $28,000 in the second quarter. Davis Capital Management added a new position totaling roughly $30,000 in the third quarter as well. True Wealth Design LLC dramatically increased its holdings by an astounding 1,096.3% during the third quarter, bringing its total to 323 shares, worth $33,000 after acquiring an extra 296 shares. Additionally, Richard W. Paul & Associates LLC raised its stake by 128.6% in the previous quarter, accumulating 256 shares with a total value of $34,000 after an additional purchase of 144 shares.

Micron Technology's Stock Performance

Currently, 80.84% of Micron Technology's stock is owned by institutional investors and hedge funds. On Tuesday, Micron Technology shares (NASDAQ:MU) opened at $98.55. The company boasts a current ratio of 2.64 and a quick ratio of 1.68, alongside a debt-to-equity ratio of 0.29. Micron’s market capitalization stands at $109.79 billion, and the stock carries a price-to-earnings ratio of 144.93 with a beta of 1.16. Over the last 50 days, the stock has maintained a simple moving average of $103.60, and a two-hundred day simple moving average of $111.32. The share price has fluctuated between a low of $72.93 and a high of $157.54 over the past twelve months.

In its most recent quarterly earnings report on September 25, Micron Technology revealed earnings of $1.18 per share, exceeding analyst expectations of $0.97 by $0.21. The company reported revenue of $7.75 billion, surpassing projected earnings of $7.65 billion. Micron Technology experienced a return on equity of 1.58% and a net margin of 3.10%. Comparatively, its revenue grew by 93.3% year-over-year, showing strong performance compared to the previous year when it reported a loss of ($1.21) EPS. Forecasts suggest that Micron Technology will post earnings of 8.31 for the current fiscal year.

Dividend Declaration by Micron Technology

Micron Technology also recently announced a quarterly dividend, which was distributed on October 23. Investors who were on record as of October 7 received a dividend payment of $0.115 per share, marking an annualized dividend of $0.46 and offering a yield of 0.47%. At present, Micron Technology's payout ratio is 67.65%.

Analyst Ratings and Reports

Micron Technology has garnered attention from various research analysts. In a report dated September 26, Susquehanna adjusted its target price for Micron shares from $175.00 to $165.00, maintaining a "positive" rating for the stock. Stifel Nicolaus also lowered its price target from $165.00 to $135.00 while maintaining a "buy" rating on the stock. Following suit, Citigroup decreased its target price from $175.00 to $150.00 on September 17, retaining a "buy" designation. On the other hand, Raymond James increased its target price from $125.00 to $140.00 on September 26, rating the stock as “outperform.” Finally, on October 1, Cantor Fitzgerald reaffirmed an "overweight" rating on the stock, with a revised price target of $150.00. Overall, one analyst has rated the stock as a sell, two analysts have given it a hold rating, while 26 have assigned a buy rating, resulting in a consensus rating categorized as "Moderate Buy" with a consensus target price of $143.04.

Insider Trading Activities

In recent insider trading news, EVP April S. Arnzen sold 4,890 shares on September 26, and the transaction was valued at around $552,570 at an average price of $113.00 per share. After this sale, Arnzen now holds 135,830 shares estimated at $15,348,790, which reflects a 3.47% decline in their ownership. This transaction was reported in a document submitted to the SEC and is accessible for public viewing. Currently, insiders hold approximately 0.30% of Micron Technology’s shares.

Company Overview

Micron Technology, Inc. focuses on designing, developing, manufacturing, and marketing memory and storage products globally. The company categorizes its operations into four main segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It manufactures a variety of memory and storage technologies, including dynamic random access memory semiconductor devices for quick data retrieval, non-volatile storage options, and fast read speed memory devices, marketed under the Micron and Crucial brands, among others.

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