Fmr LLC Grows Position in Micron Technology, Inc. (NASDAQ:MU)

Fmr LLC lifted its position in Micron Technology, Inc. (NASDAQ:MU) by 34.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,672,462 shares of the semiconductor manufacturer’s stock after purchasing an additional 12,249,341 shares during the period. Fmr LLC owned about 4.28% of Micron Technology worth $4,012,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. purchased a new position in Micron Technology in the 3rd quarter valued at about $600,000. Quarry LP raised its stake in Micron Technology by 113.7% in the 3rd quarter. Quarry LP now owns 1,291 shares of the semiconductor manufacturer’s stock valued at $134,000 after purchasing an additional 687 shares during the last quarter. Weiss Asset Management LP purchased a new position in Micron Technology in the 3rd quarter valued at $2,932,000. Kovitz Investment Group Partners LLC boosted its stake in Micron Technology by 61.9% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 129,715 shares of the semiconductor manufacturer’s stock worth $13,453,000 after purchasing an additional 49,592 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its holdings in shares of Micron Technology by 12.5% during the third quarter. Insigneo Advisory Services LLC now owns 11,774 shares of the semiconductor manufacturer’s stock worth $1,221,000 after buying an additional 1,311 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.

Wall Street Analysts Forecast Growth

MU has been the topic of a number of recent research reports. Bank of America lowered shares of Micron Technology from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Citigroup dropped their price target on Micron Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, March 21st. Piper Sandler reduced their price objective on Micron Technology from $150.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Robert W. Baird upped their target price on Micron Technology from $130.00 to $163.00 and gave the company an “outperform” rating in a report on Friday, March 21st. Finally, TD Cowen cut their target price on Micron Technology from $135.00 to $125.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $129.76.

Insider Activity at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of Micron Technology stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total value of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. The trade was a 8.34 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company’s stock.

Micron Technology Stock Down 12.9 %

Shares of NASDAQ:MU opened at $64.72 on Friday. The company has a quick ratio of 1.75, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. Micron Technology, Inc. has a fifty-two week low of $63.86 and a fifty-two week high of $157.54. The stock has a market cap of $72.33 billion, a price-to-earnings ratio of 18.65 and a beta of 1.23. The firm’s 50 day moving average price is $93.42 and its 200 day moving average price is $98.16.

Micron Technology (NASDAQ:MU) last issued its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.13. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.05 billion during the quarter, compared to the consensus estimate of $7.93 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company’s revenue was up 38.2% compared to the same quarter last year. As a group, equities research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.115 per share. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.71%. Micron Technology’s dividend payout ratio is presently 11.03%.

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.