ICICI Prudential Asset Management Co Ltd Has $1.50 Million Position in Micron Technology, Inc. (NASDAQ:MU)

ICICI Prudential Asset Management Co Ltd grew its stake in Micron Technology, Inc. (NASDAQ:MU) by 19.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,475 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,311 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Micron Technology were worth $1,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in Micron Technology by 22.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,243,633 shares of the semiconductor manufacturer’s stock worth $2,150,743,000 after buying an additional 3,315,988 shares during the period. Van ECK Associates Corp boosted its position in Micron Technology by 30.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer’s stock worth $1,109,769,000 after buying an additional 2,477,985 shares during the period. Capital International Investors lifted its position in shares of Micron Technology by 15.1% in the 1st quarter. Capital International Investors now owns 18,303,506 shares of the semiconductor manufacturer’s stock worth $2,157,800,000 after purchasing an additional 2,397,885 shares during the period. Swedbank AB lifted its position in shares of Micron Technology by 473.8% in the 2nd quarter. Swedbank AB now owns 2,649,180 shares of the semiconductor manufacturer’s stock worth $348,447,000 after purchasing an additional 2,187,460 shares during the period. Finally, 1832 Asset Management L.P. lifted its position in shares of Micron Technology by 301,500.0% in the 1st quarter. 1832 Asset Management L.P. now owns 1,809,600 shares of the semiconductor manufacturer’s stock worth $213,334,000 after purchasing an additional 1,809,000 shares during the period. 80.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Micron Technology from $175.00 to $150.00 and set a “buy” rating for the company in a research note on Tuesday, September 17th. China Renaissance assumed coverage on shares of Micron Technology in a research note on Monday, October 28th. They issued a “buy” rating and a $148.00 price objective for the company. Stifel Nicolaus lowered their price objective on shares of Micron Technology from $165.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, September 19th. Morgan Stanley lifted their price objective on shares of Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $140.00 price objective on shares of Micron Technology in a research note on Thursday, September 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $143.04.

Insider Buying and Selling

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.32% of the stock is owned by company insiders.

Micron Technology Price Performance

Shares of MU traded down $2.74 during midday trading on Wednesday, hitting $101.36. 5,006,062 shares of the company traded hands, compared to its average volume of 21,646,746. The stock has a 50-day moving average of $100.72 and a 200-day moving average of $113.03. Micron Technology, Inc. has a one year low of $72.93 and a one year high of $157.54. The firm has a market cap of $112.38 billion, a P/E ratio of 148.56 and a beta of 1.18. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.64 and a quick ratio of 1.68.

Micron Technology (NASDAQ:MU) last announced its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.21. The firm had revenue of $7.75 billion for the quarter, compared to analysts’ expectations of $7.65 billion. Micron Technology had a return on equity of 1.58% and a net margin of 3.10%. The company’s revenue was up 93.3% on a year-over-year basis. During the same period in the prior year, the business posted ($1.21) earnings per share. As a group, sell-side analysts predict that Micron Technology, Inc. will post 8.31 EPS for the current fiscal year.

Micron Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Monday, October 7th were given a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, October 7th. Micron Technology’s dividend payout ratio (DPR) is 67.65%.

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 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.