Bank of Nova Scotia Trims Holdings in Micron Technology, Inc. (NASDAQ:MU)

Bank of Nova Scotia decreased its position in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 554,624 shares of the semiconductor manufacturer's stock after selling 21,135 shares during the period. Bank of Nova Scotia's holdings in Micron Technology were worth $46,675,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Beacon Capital Management LLC increased its position in shares of Micron Technology by 114.9% during the fourth quarter. Beacon Capital Management LLC now owns 374 shares of the semiconductor manufacturer's stock worth $31,000 after purchasing an additional 200 shares in the last quarter. Midwest Capital Advisors LLC purchased a new position in shares of Micron Technology in the 4th quarter valued at approximately $33,000. Activest Wealth Management boosted its stake in Micron Technology by 583.3% in the 4th quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after purchasing an additional 350 shares in the last quarter. Comprehensive Financial Planning Inc. PA purchased a new stake in Micron Technology during the 4th quarter worth approximately $34,000. Finally, Curio Wealth LLC acquired a new position in Micron Technology during the 4th quarter valued at approximately $34,000. 80.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MU. Barclays raised their target price on Micron Technology from $110.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Robert W. Baird raised their price target on shares of Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. Piper Sandler reduced their target price on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. China Renaissance cut shares of Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price target on the stock. in a research note on Wednesday, March 26th. Finally, KGI Securities upgraded shares of Micron Technology to a "strong-buy" rating in a research report on Friday, February 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $129.36.

Micron Technology Trading Down 0.7 %

NASDAQ:MU traded down $0.50 on Friday, reaching $69.55. 30,755,036 shares of the company's stock were exchanged, compared to its average volume of 23,239,529. The business has a fifty day moving average of $90.66 and a 200-day moving average of $97.00. 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 52-week low of $61.54 and a 52-week high of $157.54. The firm has a market capitalization of $77.73 billion, a price-to-earnings ratio of 20.04 and a beta of 1.18.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 EPS for the quarter, beating 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 company had revenue of $8.05 billion during the quarter, compared to analysts' expectations of $7.93 billion. During the same quarter last year, the company posted $0.42 EPS. The firm's revenue was up 38.2% compared to the same quarter last year. As a group, analysts expect that Micron Technology, Inc. will post 6.08 earnings per share for the current 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 paid a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend is Monday, March 31st. Micron Technology's payout ratio is presently 11.03%.

Insider Buying and Selling

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 transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the company's stock in a transaction 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 transaction, the executive vice president now owns 164,769 shares of the company's stock, valued at $15,847,482.42. This represents 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 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.