Micron Technology, Inc. (NASDAQ:MU) is Kamunting Street Capital Management L.P.'s 8th Largest Position

Kamunting Street Capital Management L.P. cut its position in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 9.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,000 shares of the semiconductor manufacturer's stock after selling 4,922 shares during the quarter. Micron Technology comprises about 3.6% of Kamunting Street Capital Management L.P.'s holdings, making the stock its 8th largest position. Kamunting Street Capital Management L.P.'s holdings in Micron Technology were worth $4,208,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Micron Technology by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 99,857,205 shares of the semiconductor manufacturer's stock valued at $8,403,982,000 after acquiring an additional 888,087 shares in the last quarter. FMR LLC grew its holdings in Micron Technology by 34.6% in the fourth quarter. FMR LLC now owns 47,672,462 shares of the semiconductor manufacturer's stock worth $4,012,114,000 after purchasing an additional 12,249,341 shares during the period. Capital World Investors increased its stake in Micron Technology by 63.7% in the fourth quarter. Capital World Investors now owns 41,096,391 shares of the semiconductor manufacturer's stock valued at $3,458,673,000 after purchasing an additional 15,993,036 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Micron Technology by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 24,449,827 shares of the semiconductor manufacturer's stock valued at $2,052,973,000 after purchasing an additional 726,282 shares during the period. Finally, Norges Bank bought a new position in shares of Micron Technology during the 4th quarter worth about $1,470,875,000. Institutional investors own 80.84% of the company's stock.

Micron Technology Stock Performance

Shares of MU stock traded up $2.36 during trading hours on Friday, hitting $79.78. 19,715,387 shares of the company were exchanged, compared to its average volume of 23,251,676. 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 has a market capitalization of $89.16 billion, a price-to-earnings ratio of 22.99 and a beta of 1.18. The firm has a fifty day simple moving average of $86.25 and a 200 day simple moving average of $95.10. Micron Technology, Inc. has a 52-week low of $61.54 and a 52-week high of $157.54.

Micron Technology (NASDAQ:MU - Get Free Report) last released its earnings results on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.13. The business had revenue of $8.05 billion during the quarter, compared to the consensus estimate 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 business posted $0.42 earnings per share. Research analysts predict that Micron Technology, Inc. will post 6.08 earnings per share for the current fiscal year.

Micron Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.115 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $0.46 annualized dividend and a dividend yield of 0.58%. Micron Technology's payout ratio is 11.03%.

Insider Activity

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction dated Monday, March 3rd. The stock was 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. This represents a 8.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP April S. Arnzen sold 15,000 shares of Micron Technology stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $96.18, for a total value of $1,442,700.00. Following the transaction, the executive vice president now directly owns 164,769 shares of the company's stock, valued at $15,847,482.42. The trade was 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.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MU shares. JPMorgan Chase & Co. dropped their price target on Micron Technology from $145.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Barclays reduced their price target on shares of Micron Technology from $115.00 to $95.00 and set an "overweight" rating for the company in a research report on Tuesday. Royal Bank of Canada set a $125.00 price objective on shares of Micron Technology in a report on Wednesday, March 19th. Cantor Fitzgerald reiterated an "overweight" rating and set a $130.00 price objective on shares of Micron Technology in a report on Friday, March 21st. Finally, UBS Group upped their target price on shares of Micron Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Micron Technology currently has an average rating of "Moderate Buy" and a consensus target price of $128.56.

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.