Allstate Corp Makes New Investment in Micron Technology, Inc. (NASDAQ:MU)

Allstate Corp bought a new stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 32,891 shares of the semiconductor manufacturer's stock, valued at approximately $2,768,000.

Other institutional investors have also made changes to their positions in the company. Brown Brothers Harriman & Co. boosted its position in Micron Technology by 16.4% during the fourth quarter. Brown Brothers Harriman & Co. now owns 3,171 shares of the semiconductor manufacturer's stock valued at $267,000 after purchasing an additional 446 shares during the last quarter. Level Four Advisory Services LLC lifted its holdings in shares of Micron Technology by 9.2% during the 4th quarter. Level Four Advisory Services LLC now owns 63,584 shares of the semiconductor manufacturer's stock valued at $5,351,000 after buying an additional 5,350 shares during the last quarter. denkapparat Operations GmbH bought a new stake in shares of Micron Technology in the 4th quarter valued at approximately $452,000. Orion Portfolio Solutions LLC raised its position in Micron Technology by 2.2% during the fourth quarter. Orion Portfolio Solutions LLC now owns 48,342 shares of the semiconductor manufacturer's stock valued at $4,068,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Micron Technology by 1.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,787,719 shares of the semiconductor manufacturer's stock valued at $318,774,000 after acquiring an additional 47,328 shares during the last quarter. 80.84% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

MU has been the topic of several analyst reports. Sanford C. Bernstein dropped their price target on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating on the stock in a research note on Wednesday, December 18th. The Goldman Sachs Group reduced their price target on Micron Technology from $145.00 to $128.00 and set a "buy" rating for the company in a research report on Thursday, December 19th. JPMorgan Chase & Co. lowered their price objective on Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a report on Friday, March 21st. Rosenblatt Securities reduced their target price on Micron Technology from $250.00 to $200.00 and set a "buy" rating for the company in a report on Friday, March 21st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 target price on shares of Micron Technology in a research report on Friday, March 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Micron Technology has a consensus rating of "Moderate Buy" and a consensus target price of $129.76.

Insider Activity

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.93, for a total transaction of $223,403.72. Following the transaction, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP April S. Arnzen sold 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total transaction of $1,442,700.00. Following the completion of the sale, 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 currently owned by corporate insiders.

Micron Technology Price Performance

NASDAQ MU traded up $1.32 during trading on Tuesday, reaching $88.21. 10,949,041 shares of the company traded hands, compared to its average volume of 22,821,088. Micron Technology, Inc. has a 1-year low of $83.54 and a 1-year high of $157.54. The company has a market cap of $98.58 billion, a price-to-earnings ratio of 25.36 and a beta of 1.23. The stock's 50 day moving average price is $95.62 and its two-hundred day moving average price is $98.51. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72.

Micron Technology (NASDAQ:MU - Get Free Report) last announced its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.13. The firm had revenue of $8.05 billion for the quarter, compared to analysts' expectations of $7.93 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The business's revenue was up 38.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.42 earnings per share. As a group, analysts anticipate that Micron Technology, Inc. will post 6.08 EPS for the current year.

Micron Technology Announces Dividend

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

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.