TIAA Trust National Association Reduces Stock Position in Micron Technology, Inc. (NASDAQ:MU)

TIAA Trust National Association cut its holdings in Micron Technology, Inc. (NASDAQ:MU) by 46.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,394 shares of the semiconductor manufacturer’s stock after selling 3,813 shares during the period. TIAA Trust National Association’s holdings in Micron Technology were worth $370,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Algert Global LLC lifted its holdings in shares of Micron Technology by 349.4% in the third quarter. Algert Global LLC now owns 11,092 shares of the semiconductor manufacturer’s stock worth $1,150,000 after buying an additional 8,624 shares in the last quarter. Larson Financial Group LLC lifted its stake in Micron Technology by 885.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,360 shares of the semiconductor manufacturer’s stock worth $141,000 after purchasing an additional 1,222 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Micron Technology by 6.5% in the 3rd quarter. Fisher Asset Management LLC now owns 50,470 shares of the semiconductor manufacturer’s stock worth $5,234,000 after purchasing an additional 3,069 shares in the last quarter. Townsquare Capital LLC grew its position in shares of Micron Technology by 38.1% during the 3rd quarter. Townsquare Capital LLC now owns 20,811 shares of the semiconductor manufacturer’s stock valued at $2,158,000 after purchasing an additional 5,737 shares in the last quarter. Finally, Freedom Investment Management Inc. increased its holdings in shares of Micron Technology by 68.3% in the third quarter. Freedom Investment Management Inc. now owns 5,817 shares of the semiconductor manufacturer’s stock worth $603,000 after purchasing an additional 2,361 shares during the period. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Micron Technology Stock Performance

Shares of NASDAQ:MU opened at $88.44 on Friday. Micron Technology, Inc. has a 12 month low of $83.54 and a 12 month high of $157.54. The company has a current ratio of 2.72, a quick ratio of 1.75 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $96.00 and a 200-day moving average price of $98.37. The company has a market cap of $98.84 billion, a price-to-earnings ratio of 25.49 and a beta of 1.23.

Micron Technology (NASDAQ:MU) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, beating 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 business had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same period in the previous year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 38.2% compared to the same quarter last year. As a group, equities analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 annualized dividend and a yield of 0.52%. Micron Technology’s payout ratio is 11.03%.

Analysts Set New Price Targets

Several research firms recently commented on MU. JPMorgan Chase & Co. reduced their target price on Micron Technology from $145.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Citigroup lowered their target price on shares of Micron Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a research note on Friday, March 21st. Stifel Nicolaus dropped their target price on shares of Micron Technology from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, December 19th. TD Cowen decreased their price target on shares of Micron Technology from $135.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, December 19th. Finally, Piper Sandler dropped their price objective on shares of Micron Technology from $150.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Micron Technology has an average rating of “Moderate Buy” and a consensus price target of $129.76.

Insiders Place Their Bets

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total value of $223,403.72. Following the sale, the director now directly owns 27,358 shares of the company’s stock, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 164,769 shares of the company’s stock, valued at approximately $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. 0.30% of the stock is owned by corporate insiders.

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.