Renaissance Technologies LLC Sells 2,399,952 Shares of Micron Technology, Inc. (NASDAQ:MU)

Renaissance Technologies LLC lowered its holdings in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) by 92.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 204,962 shares of the semiconductor manufacturer's stock after selling 2,399,952 shares during the quarter. Renaissance Technologies LLC's holdings in Micron Technology were worth $17,251,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in MU. Beacon Capital Management LLC increased its stake 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 valued at $31,000 after buying an additional 200 shares during the period. Midwest Capital Advisors LLC bought a new position in shares of Micron Technology during the fourth quarter valued at approximately $33,000. Activest Wealth Management raised its stake in Micron Technology by 583.3% in the fourth quarter. Activest Wealth Management now owns 410 shares of the semiconductor manufacturer's stock worth $34,000 after buying an additional 350 shares in the last quarter. Comprehensive Financial Planning Inc. PA bought a new stake in Micron Technology during the fourth quarter valued at about $34,000. Finally, Curio Wealth LLC purchased a new stake in shares of Micron Technology during the fourth quarter valued at about $34,000. Institutional investors own 80.84% of the company's stock.

Insider Transactions at Micron Technology

In related news, Director Mary Pat Mccarthy sold 2,404 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $92.93, for a total transaction of $223,403.72. Following the completion of the sale, the director now directly owns 27,358 shares in the company, valued at approximately $2,542,378.94. This trade represents a 8.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP April S. Arnzen sold 15,000 shares of the 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 transaction, the executive vice president now owns 164,769 shares in the company, valued at $15,847,482.42. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.30% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on MU. Royal Bank of Canada set a $125.00 price objective on Micron Technology in a research note on Wednesday, March 19th. China Renaissance cut Micron Technology from a "buy" rating to a "hold" rating and set a $84.00 price objective for the company. in a report on Wednesday, March 26th. Robert W. Baird lifted their price target on Micron Technology from $130.00 to $163.00 and gave the company an "outperform" rating in a research report on Friday, March 21st. UBS Group raised their price objective on shares of Micron Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday, March 17th. Finally, Citigroup dropped their target price on Micron Technology from $120.00 to $110.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $129.36.

Micron Technology Trading Down 0.8 %

MU traded down $0.53 during midday trading on Friday, hitting $68.80. The company's stock had a trading volume of 20,670,930 shares, compared to its average volume of 23,307,121. The firm has a market cap of $76.89 billion, a P/E ratio of 19.83 and a beta of 1.18. The firm has a 50-day moving average price of $88.74 and a two-hundred day moving average price of $96.14. The company has a current ratio of 2.72, a quick ratio of 1.75 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.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings data on Thursday, March 20th. The semiconductor manufacturer reported $1.56 earnings per share 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 firm had revenue of $8.05 billion for the quarter, compared to the consensus estimate of $7.93 billion. During the same period last year, the firm posted $0.42 EPS. Micron Technology's quarterly revenue was up 38.2% compared to the same quarter last year. On average, research analysts anticipate that Micron Technology, Inc. will post 6.08 earnings per share for the current year.

Micron Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.115 dividend. The ex-dividend date was Monday, March 31st. This represents a $0.46 dividend on an annualized basis and a yield of 0.67%. Micron Technology's dividend payout ratio is presently 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.