Miracle Mile Advisors LLC Invests $253,000 in Micron Technology, Inc. (NASDAQ:MU)

Miracle Mile Advisors LLC bought a new stake in shares of Micron Technology, Inc. (NASDAQ:MU - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,002 shares of the semiconductor manufacturer's stock, valued at approximately $253,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp boosted its holdings 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 worth $5,001,592,000 after purchasing an additional 1,434,568 shares during the period. Primecap Management Co. CA grew its position in shares of Micron Technology by 0.6% in the 3rd quarter. Primecap Management Co. CA now owns 37,631,860 shares of the semiconductor manufacturer's stock worth $3,902,800,000 after buying an additional 206,499 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Micron Technology by 3.9% during the third quarter. Geode Capital Management LLC now owns 23,723,545 shares of the semiconductor manufacturer's stock valued at $2,451,987,000 after buying an additional 892,607 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Micron Technology by 21.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,326,224 shares of the semiconductor manufacturer's stock worth $1,174,643,000 after acquiring an additional 2,022,180 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Micron Technology by 30.6% in the third quarter. Van ECK Associates Corp now owns 10,564,198 shares of the semiconductor manufacturer's stock valued at $1,109,769,000 after acquiring an additional 2,477,985 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Stock Up 3.1 %

Shares of NASDAQ:MU traded up $3.15 during trading hours on Friday, reaching $105.75. The stock had a trading volume of 18,789,729 shares, compared to its average volume of 26,425,695. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.75 and a current ratio of 2.72. Micron Technology, Inc. has a 1 year low of $79.15 and a 1 year high of $157.54. The stock has a market capitalization of $117.82 billion, a price-to-earnings ratio of 30.48 and a beta of 1.18. The firm's 50 day moving average is $98.00 and its 200-day moving average is $102.66.

Micron Technology (NASDAQ:MU - Get Free Report) last issued its quarterly earnings results on Wednesday, December 18th. The semiconductor manufacturer reported $1.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.19. Micron Technology had a net margin of 13.34% and a return on equity of 8.32%. The firm had revenue of $8.71 billion during the quarter, compared to analysts' expectations of $8.71 billion. During the same quarter in the prior year, the business earned ($0.95) EPS. Micron Technology's quarterly revenue was up 84.3% compared to the same quarter last year. Research analysts predict that Micron Technology, Inc. will post 6.25 earnings per share for the current fiscal year.

Micron Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 30th were issued a $0.115 dividend. This represents a $0.46 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend was Monday, December 30th. Micron Technology's dividend payout ratio (DPR) is presently 13.26%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MU. China Renaissance initiated coverage on shares of Micron Technology in a research report on Monday, October 28th. They issued a "buy" rating and a $148.00 target price for the company. JPMorgan Chase & Co. decreased their target price on Micron Technology from $180.00 to $145.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Susquehanna dropped their target price on shares of Micron Technology from $175.00 to $165.00 and set a "positive" rating on the stock in a report on Thursday, September 26th. Robert W. Baird decreased their price target on shares of Micron Technology from $150.00 to $130.00 and set an "outperform" rating for the company in a research note on Thursday, December 19th. Finally, Sanford C. Bernstein lowered their price target on shares of Micron Technology from $140.00 to $120.00 and set an "outperform" rating for the company in a research report on Wednesday, December 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat, Micron Technology currently has a consensus rating of "Moderate Buy" and an average price target of $135.24.

Insider Buying and Selling

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

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.