AIA Group Ltd grew its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 95.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,368 shares of the semiconductor manufacturer's stock after purchasing an additional 6,522 shares during the period. AIA Group Ltd's holdings in Micron Technology were worth $1,125,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Micron Technology during the fourth quarter valued at $1,470,875,000. Nomura Asset Management Co. Ltd. increased its holdings in Micron Technology by 339.6% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 2,255,000 shares of the semiconductor manufacturer's stock valued at $189,781,000 after purchasing an additional 1,742,073 shares during the period. Raymond James Financial Inc. bought a new position in Micron Technology during the 4th quarter worth $135,865,000. State Street Corp lifted its holdings in Micron Technology by 3.1% during the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock worth $5,001,592,000 after buying an additional 1,434,568 shares during the period. Finally, Worldquant Millennium Advisors LLC grew its position in shares of Micron Technology by 254.4% in the 3rd quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer's stock valued at $192,840,000 after buying an additional 1,334,690 shares during the last quarter. 80.84% of the stock is owned by institutional investors.
Micron Technology Stock Performance
Shares of Micron Technology stock traded down $12.94 during trading hours on Thursday, hitting $75.66. 29,852,181 shares of the company's stock traded hands, compared to its average volume of 22,745,018. The stock has a market capitalization of $84.56 billion, a price-to-earnings ratio of 21.88 and a beta of 1.23. Micron Technology, Inc. has a 12-month low of $75.54 and a 12-month high of $157.54. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 1.75. The company has a fifty day simple moving average of $94.80 and a 200-day simple moving average of $98.42.
Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $7.93 billion. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company's revenue for the quarter was up 38.2% on a year-over-year basis. Equities research analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current fiscal year.
Micron Technology Dividend Announcement
The company also recently disclosed 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. This represents a $0.46 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date is Monday, March 31st. Micron Technology's dividend payout ratio is currently 11.03%.
Insider Buying and Selling at Micron Technology
In other news, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 164,769 shares of the company's stock, valued at $15,847,482.42. This trade represents a 8.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated 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 in the company, valued at $2,542,378.94. This trade represents a 8.08 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.30% of the company's stock.
Wall Street Analysts Forecast Growth
MU has been the subject of a number of analyst reports. Bank of America downgraded Micron Technology from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $125.00 to $110.00 in a research report on Thursday, December 19th. Rosenblatt Securities dropped their price target on shares of Micron Technology from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Friday, March 21st. Wedbush reaffirmed an "outperform" rating and issued a $125.00 price objective on shares of Micron Technology in a research note on Monday, March 17th. Piper Sandler dropped their target price on shares of Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Finally, KGI Securities upgraded Micron Technology to a "strong-buy" rating in a report on Friday, February 21st. One research 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, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $129.76.
View Our Latest Analysis on MU
About Micron Technology
(
Free Report)
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.
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