Clearbridge Investments LLC Reduces Holdings in Micron Technology, Inc. (NASDAQ:MU)

Clearbridge Investments LLC reduced its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,431,434 shares of the semiconductor manufacturer's stock after selling 31,640 shares during the period. Clearbridge Investments LLC owned approximately 0.13% of Micron Technology worth $120,469,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Norges Bank purchased a new stake in Micron Technology during the 4th quarter worth approximately $1,470,875,000. Nomura Asset Management Co. Ltd. grew its stake in shares of 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 worth $189,781,000 after acquiring an additional 1,742,073 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Micron Technology during the fourth quarter worth $135,865,000. State Street Corp raised its stake in shares of Micron Technology by 3.1% in the third quarter. State Street Corp now owns 48,226,710 shares of the semiconductor manufacturer's stock valued at $5,001,592,000 after acquiring an additional 1,434,568 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in Micron Technology by 254.4% in the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer's stock valued at $192,840,000 after purchasing an additional 1,334,690 shares during the period. Institutional investors and hedge funds own 80.84% of the company's stock.

Remove Ads

Micron Technology Stock Performance

Micron Technology stock traded up $1.82 during mid-day trading on Tuesday, reaching $88.71. 15,302,155 shares of the company were exchanged, compared to its average volume of 22,836,275. The firm has a market cap of $99.14 billion, a PE ratio of 25.56 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. The firm's 50-day simple moving average is $95.62 and its two-hundred day simple moving average is $98.51. Micron Technology, Inc. has a twelve month low of $83.54 and a twelve month high of $157.54.

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

Micron Technology Announces Dividend

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

Analysts Set New Price Targets

MU has been the topic of several recent research reports. Piper Sandler cut their price target on Micron Technology from $150.00 to $120.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. The Goldman Sachs Group cut their target price on shares of Micron Technology from $145.00 to $128.00 and set a "buy" rating on the stock in a research note on Thursday, December 19th. Citigroup lowered their price target on shares of Micron Technology from $150.00 to $120.00 and set a "buy" rating for the company in a report on Friday, March 21st. KGI Securities upgraded shares of Micron Technology to a "strong-buy" rating in a research note on Friday, February 21st. Finally, Bank of America downgraded Micron Technology from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $125.00 to $110.00 in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $129.76.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the business's stock in a transaction dated 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 owns 27,358 shares of the company's stock, valued at approximately $2,542,378.94. The trade was a 8.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology 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 sale, the executive vice president now owns 164,769 shares of the company's stock, valued at approximately $15,847,482.42. The trade was a 8.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.30% of the company's stock.

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.