Geode Capital Management LLC Buys 726,282 Shares of Micron Technology, Inc. (NASDAQ:MU)

Geode Capital Management LLC grew its stake in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 3.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,449,827 shares of the semiconductor manufacturer's stock after purchasing an additional 726,282 shares during the period. Geode Capital Management LLC owned approximately 2.19% of Micron Technology worth $2,052,973,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Micron Technology in the fourth quarter worth $1,470,875,000. Nomura Asset Management Co. Ltd. grew its holdings 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 purchasing an additional 1,742,073 shares during the last quarter. Raymond James Financial Inc. bought a new position in Micron Technology in the 4th quarter worth about $135,865,000. State Street Corp increased its stake in shares of Micron Technology by 3.1% during 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 buying an additional 1,434,568 shares during the period. Finally, Worldquant Millennium Advisors LLC lifted its holdings in Micron Technology by 254.4% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,859,416 shares of the semiconductor manufacturer's stock worth $192,840,000 after buying an additional 1,334,690 shares during the period. Hedge funds and other institutional investors own 80.84% of the company's stock.

Remove Ads

Insider Transactions at Micron Technology

In other news, Director Mary Pat Mccarthy sold 2,404 shares of the company's stock in a transaction on Monday, March 3rd. The shares were 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 of the company's stock, valued at approximately $2,542,378.94. This represents a 8.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction that occurred 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 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. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MU has been the subject of several recent research reports. Morgan Stanley boosted their price target on Micron Technology from $91.00 to $112.00 and gave the stock an "equal weight" rating in a research report on Friday, March 21st. Sanford C. Bernstein reduced their target price on Micron Technology from $140.00 to $120.00 and set an "outperform" rating for the company in a research note on Wednesday, December 18th. Mizuho dropped their price target on Micron Technology from $135.00 to $115.00 and set an "outperform" rating on the stock in a research note on Thursday, December 19th. TD Cowen reduced their price objective on Micron Technology from $135.00 to $125.00 and set a "buy" rating for the company in a research note on Thursday, December 19th. Finally, Wedbush restated an "outperform" rating and issued a $125.00 target price on shares of Micron Technology in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $129.76.

Micron Technology Price Performance

NASDAQ:MU traded down $14.04 during trading hours on Thursday, reaching $74.56. The company had a trading volume of 36,073,365 shares, compared to its average volume of 22,773,498. Micron Technology, Inc. has a one year low of $74.45 and a one year high of $157.54. The firm has a market capitalization of $83.33 billion, a PE ratio of 21.51 and a beta of 1.23. The stock has a 50-day moving average of $94.80 and a two-hundred day moving average of $98.42. 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 (NASDAQ:MU - Get Free Report) last released its 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. The company had revenue of $8.05 billion during 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 for the quarter was up 38.2% on a year-over-year basis. During the same period last year, the firm earned $0.42 EPS. Analysts forecast that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.115 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a dividend yield of 0.62%. 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.