Banque Pictet & Cie SA Boosts Stock Position in Micron Technology, Inc. (NASDAQ:MU)

Banque Pictet & Cie SA grew its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 21.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 116,700 shares of the semiconductor manufacturer's stock after buying an additional 20,865 shares during the quarter. Banque Pictet & Cie SA's holdings in Micron Technology were worth $9,821,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Harmony Asset Management LLC raised its holdings in Micron Technology by 75.6% in the 3rd quarter. Harmony Asset Management LLC now owns 11,889 shares of the semiconductor manufacturer's stock worth $1,233,000 after purchasing an additional 5,120 shares during the period. Lazard Freres Gestion S.A.S. raised its holdings in Micron Technology by 241.7% in the 3rd quarter. Lazard Freres Gestion S.A.S. now owns 41,000 shares of the semiconductor manufacturer's stock worth $4,252,000 after purchasing an additional 29,000 shares during the period. Chartwell Investment Partners LLC raised its holdings in Micron Technology by 26.4% in the 3rd quarter. Chartwell Investment Partners LLC now owns 195,115 shares of the semiconductor manufacturer's stock worth $20,236,000 after purchasing an additional 40,802 shares during the period. Stablepoint Partners LLC acquired a new position in Micron Technology in the 4th quarter worth about $569,000. Finally, State Street Corp raised its holdings in Micron Technology by 3.1% in the 3rd quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MU shares. Barclays reduced their price target on Micron Technology from $145.00 to $110.00 and set an "overweight" rating for the company in a report on Friday, December 20th. Piper Sandler reduced their price target on Micron Technology from $150.00 to $120.00 and set an "overweight" rating for the company in a report on Thursday, December 19th. Bank of America lowered Micron Technology from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $125.00 to $110.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. cut their price objective on Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Finally, Stifel Nicolaus cut their price objective on Micron Technology from $135.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $134.96.

Micron Technology Trading Up 4.0 %

Micron Technology stock traded up $3.86 during mid-day trading on Friday, hitting $99.52. The company's stock had a trading volume of 21,261,888 shares, compared to its average volume of 23,287,625. The firm has a market capitalization of $110.88 billion, a PE ratio of 28.68 and a beta of 1.18. Micron Technology, Inc. has a 1 year low of $79.15 and a 1 year 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 stock's fifty day moving average is $96.13 and its two-hundred day moving average is $98.70.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.19. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.71 billion. Micron Technology had a return on equity of 8.32% and a net margin of 13.34%. The firm's revenue for the quarter was up 84.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.95) earnings per share. On average, analysts anticipate that Micron Technology, Inc. will post 6.29 EPS for the current year.

Micron Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Monday, December 30th. Micron Technology's dividend payout ratio (DPR) is 13.26%.

Insiders Place Their Bets

In other Micron Technology news, EVP April S. Arnzen sold 4,890 shares of the company's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $85.21, for a total transaction of $416,676.90. Following the transaction, the executive vice president now directly owns 181,223 shares in the company, valued at $15,442,011.83. This represents a 2.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by insiders.

About Micron Technology

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.